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
July 18, 2018
Punjab National Bank will 28.16 billion rupees, while Corporation Bank, Indian Overseas Bank, Andhra ...More
By Shah Mohsin
July 18, 2018
The development comes months after the Bengaluru-based news startup raised around Rs 1.48 crore from ...More
By Shah Mohsin
July 18, 2018
TCNS Clothing is expected to raise nearly Rs 1,125-crore through the offer. ...More
By Shah Mohsin
July 18, 2018
The Series D funding was led by TPG Growth, the middle market and growth equity investment platform ...More
By Shah Mohsin
July 18, 2018
The funding round takes the total amount raised by the Gurgaon-headquartered company to Rs 500 crore ...More
By Shah Mohsin
July 17, 2018
As part of the partnership, Walmart and Microsoft engineers will collaborate to migrate a significan ...More
By Shah Mohsin
July 17, 2018
The Mumbai-based startup was launched in 2013 as a social network for conversations and later tweake ...More
By Shah Mohsin
July 17, 2018
PE firm India Equity Partners holds a stake of around 98% stake in Spoton Logistics while the compan ...More
By Shah Mohsin
July 17, 2018
The latest funding has been routed through Singapore-based Amazon Corporate Holdings and Mauritius-b ...More
By Shah Mohsin
July 16, 2018
Phonepe which is one of the biggest players in the UPI payment space, has been steadily building up ...More
By Shah Mohsin
July 16, 2018
Dalmia Bharat had been adamant on its acquisition plan for Binani Cement, which would have opened an ...More
By Shah Mohsin
July 16, 2018
LIC owned about 8 percent of IDBI Bank as of end-June, while the federal government owned 86 percent ...More
By Shah Mohsin