Alibaba to Invest $200 Million In India Online Grocer
Alibaba Group Holding Ltd., China’s e-commerce giant, plans to invest about $200 million in India’s largest online supermarket, Bigbasket, leading a $280 million funding round in the startup, according to people familiar with the negotiations.
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Alibaba Group Holding Ltd., China’s e-commerce giant, plans to invest about $200 million in India’s largest online supermarket, Bigbasket, leading a $280 million funding round in the startup, according to people familiar with the negotiations.
Alibaba is taking a stake of about 25 percent in Bigbasket after months of negotiations, said the people, asking not to be identified because the matter is private. The Bangalore-based grocery business had previously been in talks for an investment from e-commerce pioneer Amazon.com Inc., which in June agreed to acquire U.S. grocer Whole Foods Markets Inc.