Paytm Likely To Pick Up Stakes In BigBasket For $200 Million
Alibaba and SoftBank-backed Paytm is believed to be in discussions to pick up minority stake in online grocery retailer, BigBasket for about USD 200 million, according to sources.
The due diligence is on and the deal could be finalised in the next few weeks, sources privy to the development said.
They did not wish to be identified as discussions are still on and the deal has not been signed yet.
When contacted Paytm declined to comment, while BigBasket said: "This is completely untrue".
With people becoming comfortable buying even milk and bread online, online grocery segment is projected to witness a strong growth over the next few years.
According to a report by Franchise India, the online grocery market is expected to be Rs 2.7 billion market by 2018-19.
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