Welcome back to Monday-here’s what you need to know.

1. Alibaba makes its first entry into India-launches Paytm Mall

The new Paytm mall is an android application and is designed to replicate Alibaba’s ecommerce platform Tmall.

This comes at a time when India’s ecommerce market has become a two horse race between Amazon and Flipkart. Alibaba has already injected approximately $200 million into Paytm, valuing the company at around $1 billion and effectively making it a unicorn.

Alibaba would also be bringing sellers from Southeast Asia,  especially from Alibaba’s other investments such Lazada, and has set up 17 fulfillment centers for efficient service.

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2. Cross-border VC firm K2 Global has closed a $183M fund to bridge Singapore and Silicon Valley

K2 Global, a Venture Capital firm with its headquarters in Silicon Valley and Singapore, announced today it has closed a $183 million fund with the primary goal of “bridging Asia and Silicon Valley to create impact on a global scale.”

K2 Global also said it wants to work with “third-wave” startups — defined as companies that actively challenge incumbent players in major industries.

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3. Vietnamese tech startups could become target of private equity investors in 2017

“Service sectors such as health care, education and food and beverage are where we see the most attractive opportunities for private quitty in the short to medium term. Tech is the other sector to watch, with a vast number of startups attracting funding,” said Vinh Du Tran, partner at Ernst & Young Vietnam.

Vietnam’s attraction is in its rising economy, and an expanding middle class of 90 million people-more than 50% of the population are under 35 years old.

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4. Recommended Reading: J.C. Penney Is Latest Retailer Forced to Downsize

The 114-year-old chain, which had avoided mass closings despite years of losses, said it would shut as many as 140 of its roughly 1,000 stores by June.

Penney Chief Executive Marvin Ellison said the closings will allow Penney to adjust its business to “effectively compete against the growing threat of online retailers.” He said the remaining store base gives Penney an advantage since the locations can be used to ship or pick up online orders, minimizing delivery costs.

Key Takeaway

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