Chinese tycoons are spearheading a move by owners of private capital in the country to target investments in India, a media report says.

The family offices of two of Asia's richest men, Alibaba chairman Jack Ma and executive vice chairman Joseph Tsai, are among a new group of Chinese investors exploring investments in India, the Economic Times (of India) reported, citing unnamed sources.

Approaches have been made through informal channels, the news service said, citing two people with “direct knowledge” of the matter.

Meetings between representatives of Chinese capital and Indian start-ups are mostly held in Singapore and Hong Kong, it added. 

Tsai launched a family office last year to manage the wealth created by his stake in Alibaba after the world’s largest IPO ($25 billion). He brought on board Oliver Weisberg, a former hedge fund manager, to co-manage his family office with Alexander West of Blue Pool Capital, based in Hong Kong.

The publication said emails sent to Ma, West and Weisberg were not answered at the time of going to press.

In May, it was reported that Alibaba had appointed former Goldman Sachs banker Douglas Feagin to lead its Ant Financial Services Group, heading its international business.