Source: www.alibabagroup.com
Chinese e-commerce giant Alibaba is rumoured to have entered the race for a stake in Indian online retailer Bigbasket.
According to Inside Retail Asia, Alibaba is looking to make an initial investment of US$200m in the Bangalore-based e-tailer.
Insiders say the bid, currently awaiting approval from the Competition Commission of India, is part of a US$280m funding round. It would give Alibaba a share of around 25 per cent in Bigbasket.
The move comes after US-based online conglomerate Amazon was cleared to make a US$500m in India’s food retail sector. Amazon is also understood to have had investment negotiations with Bigbasket.
Meanwhile, Alibaba boosted its presence in India earlier this year, with a US$177m investment in Paytm E-Commerce.
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