Friday, Aug 14, 2020 | Last Update : 01:55 AM IST

142nd Day Of Lockdown

Maharashtra54831338184318650 Tamil Nadu3145202563135278 Andhra Pradesh2641421709242378 Karnataka1964941126333511 Delhi1494601343184167 Uttar Pradesh140775887862280 West Bengal98459671202059 Telangana8647563074665 Bihar8274154139450 Gujarat71064542382652 Assam5883842326145 Rajasthan5249738235789 Odisha4592731785321 Haryana4163534781483 Madhya Pradesh3902529020996 Kerala3811424922127 Jammu and Kashmir2489717003472 Punjab2390315319586 Jharkhand185168998177 Chhatisgarh12148880996 Uttarakhand96326134125 Goa871259575 Tripura6161417641 Puducherry5382320187 Manipur3752204411 Himachal Pradesh3371218114 Nagaland30119738 Arunachal Pradesh223115923 Chandigarh1595100425 Meghalaya11154986 Sikkim9105101 Mizoram6203230
  Technology   In Other news  03 Feb 2018  Alibaba invests heavily in BigBasket

Alibaba invests heavily in BigBasket

REUTERS
Published : Feb 3, 2018, 10:06 am IST
Updated : Feb 3, 2018, 10:06 am IST

BigBasket will use the funds to improve its technology, analytics, infrastructure and marketing

Alibaba invested $146 million in the grocer, subscribing to compulsorily convertible preference shares, BigBasket said in a filing to Indian regulators.
 Alibaba invested $146 million in the grocer, subscribing to compulsorily convertible preference shares, BigBasket said in a filing to Indian regulators.

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.

Hari Menon, chief executive officer said that investors picked up stakes in BigBasket through secondary share purchases as well but declined to give a breakdown of the same. But they confirmed that Alibaba now owns the biggest slice. BigBasket, which sells everything from vegetables to shampoo, will use the funds to improve its technology, analytics, infrastructure and marketing, Menon said.

 

Sands Capital, International Finance Corp and Abraaj Capital also participated in the $300 million funding round.

The Indian company is planning to sign a deal with Paytm e-commerce that runs online marketplace, Paytm Mall, allowing both firms to leverage each others strengths.

Under the deal, which will become effective in the first half of this year, Paytm is expected to become the default payments provider to BigBasket while it will be able to cross-sell groceries on Paytm Mall.

BigBasket, which researcher Forrester estimates accounts for roughly 40 percent of India’s $750 million online grocery market, is competing with SoftBank-backed Grofers and Amazon’s India business.

 

Tags: alibaba, amazon, bigbasket, paytm