<p class="title">Alibaba, Chinese ecommerce giant, will pump in up to $300 million in online grocery player BigBasket, according to industry sources.</p>.<p class="bodytext">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. </p>.<p class="bodytext">According to sources familiar with the development, the investors already sought the approval of the CCI for investment.</p>.<p class="bodytext">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.</p>.<p class="bodytext">According sources, the Alibaba and Paytm Mall combine is likely to own around 35-40% stake in BigBasket.</p>.<p class="bodytext">"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.</p>.<p class="bodytext">BigBasket co-founders Hari Menon, Vipul Parekh, Abhinay Chaudhary and VS Sudhakar are likely to sell a portion of their holding in the company.</p>.<p class="bodytext">Others who exit include serial entrepreneur K Ganesh and Meena Ganesh's GrowthStory and investment firms Ascent Capital, Zodius Capital and Helion Venture Partners.</p>.<p class="bodytext">BigBasket has operations in Bengaluru, Hyderabad, Pune, Mumbai, Chennai, Delhi-NCR, Ahmedabad, Patna, Kolkata, Jaipur, Vijayawada, Indore, Punjab and Lucknow.</p>.<p class="bodytext">The company has raised over $200 million from Abraaj Group, Bessemer Venture Partners, Growthstory, Helion Venture Partners, IFC and Sands Capital.</p>
<p class="title">Alibaba, Chinese ecommerce giant, will pump in up to $300 million in online grocery player BigBasket, according to industry sources.</p>.<p class="bodytext">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. </p>.<p class="bodytext">According to sources familiar with the development, the investors already sought the approval of the CCI for investment.</p>.<p class="bodytext">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.</p>.<p class="bodytext">According sources, the Alibaba and Paytm Mall combine is likely to own around 35-40% stake in BigBasket.</p>.<p class="bodytext">"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.</p>.<p class="bodytext">BigBasket co-founders Hari Menon, Vipul Parekh, Abhinay Chaudhary and VS Sudhakar are likely to sell a portion of their holding in the company.</p>.<p class="bodytext">Others who exit include serial entrepreneur K Ganesh and Meena Ganesh's GrowthStory and investment firms Ascent Capital, Zodius Capital and Helion Venture Partners.</p>.<p class="bodytext">BigBasket has operations in Bengaluru, Hyderabad, Pune, Mumbai, Chennai, Delhi-NCR, Ahmedabad, Patna, Kolkata, Jaipur, Vijayawada, Indore, Punjab and Lucknow.</p>.<p class="bodytext">The company has raised over $200 million from Abraaj Group, Bessemer Venture Partners, Growthstory, Helion Venture Partners, IFC and Sands Capital.</p>
