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Alibaba deepens India push with BigBasket investment

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.

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