Alibaba seeks stake in India’s BigBasket
Chinese internet giant Alibaba is seeking Competition Commission of India (CCI) approval to acquire a stake in online grocery startup BigBasket.
Financial details have not been disclosed in the CCI filing, which relates to “the acquisition and purchase of shares” of BigBasket parent Supermarket Grocery Supplies by Alibaba Singapore.
Alibaba Group Holding and its Indian associate PayTM E-Commerce were reported in July as having a 60-day exclusive pact with BigBasket, according to Deal Street Asia. There were also reports of BigBasket being in merger talks with rival Grofers.
BigBasket has a presence in Bengaluru, Hyderabad, Pune, Mumbai, Chennai, Delhi-NCR, Kolkata, Jaipur, Punjab and Lucknow as well as four other cities, and has raised more than $200 million from investors.