Amid rumors that China's Alibaba is considering investing in its Indian rival, Snapdeal, the ecommerce giant's boss told CNBC the rapidly growing group was not up for sale.
Alibaba, whose shares float on the New York Stock Exchange today, is considering a possible investment in Snapdeal to access the Indian market, the Economic Times reported, citing people familiar with the matter.
But the CEO of India's largest online marketplace said he could not discuss investment speculation but insisted the company is not up for sale.
"I don't think we are selling to anyone yet," Kunal Bahl, CEO of Snapdeal, told CNBC in a TV interview.
"There's always a lot of speculation largely driven by the fact that our business model is very similar to Alibaba where we are essentially a marketplace for businesses to sell to consumers."