Bigger India
Alibaba deepens India push with BigBasket investment
Alibaba holds various investments in India’s fast-growing online retail space, including a stake in the parent of top digital wallet firm Paytm.
China’s Alibaba became the biggest shareholder in India’s leading online grocer BigBasket after a $300-million funding round, stepping up its rivalry with Amazon in the country.
Alibaba invested $146 million in the grocer, subscribing to compulsorily convertible preference shares, BigBasket said in a filing to Indian regulators.
Investors picked up stakes in BigBasket through secondary share purchases as well, chief executive Hari Menon told Reuters on Friday, declining to give a breakdown other than to say Alibaba now owns the biggest slice.