Alibaba's Executive Chairman Jack Ma will step down in September 2019 and hand over the reins to Chief Executive Daniel Zhang, the Chinese e-commerce giant said on Monday.

The Indian e-commerce market would become worth over $100 billion by the year 2022, with a growth of around 25 per cent from the current level, a report said on Friday.

Driven by rising incomes and steady growth, consumption patterns of e-commerce, mobile data, entertainment and consumer goods will see an uptick in India. World-class infrastructure is needed to enable these rising levels of consumption.

India's leading e-tailer Flipkart on Tuesday said it had acquired artificial intelligence (AI)-led speech recognition start-up Liv.ai to solve the language-barrier problem for its customers across the country.

The world's largest retailer, Walmart Inc, on Wednesday announced it was buying 77 per cent equity stake in India's e-tail major Flipkart for $16 billion.

Walmart is eyeing options to buy Flipkart to compete with India's major e-commerce website Amazon. But SoftBank, which holds a good amount of share in Flipkart is not convinced with it and has rejected the offer.

The Chinese e-commerce major Alibaba grossed over $25 billion in its 24-hour long 11.11 Global Shopping Festival on Saturday.

Chinese e-commerce giant Alibaba on Saturday announced the sale of about $12 billion worth goods within two hours of launch of its 11.11 Global Shopping Festival.