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Alibaba may pump in $300 m in BigBasket

DH News Service, Bengaluru, Dec 7 2017, 21:45 IST
The deal has been in the making for half a year and is expected to give Big Basket the push it needs to compete against the likes of Grofers and Amazon.

The deal has been in the making for half a year and is expected to give Big Basket the push it needs to compete against the likes of Grofers and Amazon.

Alibaba, Chinese ecommerce giant, will pump in up to $300 million in online grocery player BigBasket, according to industry sources.

The deal, which has been in the pipeline for nearly six months, will give Bengaluru-based hyperlocal grocery delivery company to compete against rivals like Grofers and Amazon.

According to sources familiar with the development, the investors already sought the approval of the CCI for investment.

As part of the deal, Bigbasket will also get investment from the Alibaba-backed Paytm Mall started by Paytm. Sourecs, also said post-money valuation of the company will reach $850 million.

According sources, the Alibaba and Paytm Mall combine is likely to own around 35-40% stake in BigBasket.

"The transaction is expected to involve a primary investment of about $220 million while $80 million will be used to acquire shares from existing investors," sources said.

BigBasket co-founders Hari Menon, Vipul Parekh, Abhinay Chaudhary and VS Sudhakar are likely to sell a portion of their holding in the company.

Others who exit include serial entrepreneur K Ganesh and Meena Ganesh's GrowthStory and investment firms Ascent Capital, Zodius Capital and Helion Venture Partners.

BigBasket has operations in Bengaluru, Hyderabad, Pune, Mumbai, Chennai, Delhi-NCR, Ahmedabad, Patna, Kolkata, Jaipur, Vijayawada, Indore, Punjab and Lucknow.

The company has raised over $200 million from Abraaj Group, Bessemer Venture Partners, Growthstory, Helion Venture Partners, IFC and Sands Capital.

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