your password has been reset successfully, Please login again.

Paytm joins Alibaba to invest $200mn in Bigbasket

Paytm and Alibaba in talks to invest $200 million in India's leading online grocer Bigbasket.
BY BEx Bureau
BusinessEx
Jul 26, 2017

Digital payment solutions provider Paytm and Alibaba team up to buy a stake around 20% in Indian leading online grocer Bigbasket, with the investment amount of $200 million, according to sources.

A person who did not want to be revealed his identity as the negotiations are private, said that Alibaba and Paytm are in a 60-day exclusive pact with Bigbasket and are conducting due diligence. The two could invest as a team or separately, the person said.

Alibaba spokesperson said the company doesnt comment on market speculation. While Paytm also declined to comment on the development and Bigbasket doesnt respond to the email.

Global retailer Amazon.com is also taking interest in investing in Bigbasket to expand its operations in India in online groceries, stated ET old press release. For Alibaba, this investment would add more muscle to compete with its e-commerce rival Amazon and for Paytm it would strengthen its play in e-commerce space.

According to a report byFranchise India, the online grocery market is expected to be Rs 2.7 billion market by 2018-19. Industry watchers believe that grocery would becomebigger than electronics and fashion, categories that currently dominate online purchases.

BigBasket has raised over $200 million from investors including Abraaj Group, Bessemer Venture Partners, Growth story, Helion Venture Partners, IFC and Sands Capital, reported BusinessLine.

Please add your Comment
SIMILAR News
April 12, 2018
New Delhi-based startup Chariot has raised Rs.2 crore funding from GEMS Partners. ...More
By Ritu Marya
April 10, 2018
Yumlane's parent company QwikPik secures Rs.26 crore funding from RB Investments and its existing in ...More
By Ritu Marya
April 05, 2018
Digital lending startup Namaste Credit secures $3.8 million funding from Nexus Venture Partners. ...More
By Ritu Marya
April 03, 2018
Ride-hailing company Ola buys public transport ticketing app Ridlr. ...More
By Ritu Marya
April 03, 2018
MoveInSync secures $8 million funding in Series B round led by Nexus Venture Partners. ...More
By Ritu Marya
March 31, 2018
Nandan Nilekani and Sanjeev Aggarwal venture capital fund Fundamentum secures $20 million funding fr ...More
By Ritu Marya
March 30, 2018
Google makes its second direct investment in Mumbai-based fashion e-commerce platform Fynd. ...More
By Ritu Marya
March 28, 2018
Delhi-based workforce management startup Roadcast secures $250,000 in an angel funding round. ...More
By Ritu Marya
March 28, 2018
Micro-lending platform SmartCoin raises $2 million funding in Pre-Series A round led by multiple inv ...More
By Akshay Arora
March 27, 2018
DriveU raises $3 million funding in Pre-Series A round led by multiple investors. ...More
By Akshay Arora
March 27, 2018
Cash Suvidha secures $1 million in Pre-Series A round from Initia Holdings, others. ...More
By Akshay Arora
March 07, 2018
Agri-tech startup Gramophone raises $1 million funding in pre-Series A round led by Info Edge. ...More
By Akshay Arora