Alibaba To Invest $300M In Grocery Delivery Startup BigBasket
Alibaba will pump in up to USD 300 million in online grocery player, BigBasket, according to industry sources.
The deal, which is expected to be announced in the next few weeks, will give BigBasket more muscle to compete against rivals like Grofers and e-tailing giant Amazon, they said.
The sources did not wish to be identified as the discussions are private.
BigBasket and Alibaba did not respond to emails.
In November, the Chinese e-commerce major had sought approval of the Competition Commission of India (CCI) for acquiring stake in BigBasket.
Investing in BigBasket would help Alibaba add more muscle to take on US-based rival Amazon, while for Paytm, the move would further strengthen its play in the Indian e-commerce space.
Amazon India has received governments approval...