Chinese ecommerce platform Alibaba has joined Paytm Mall in the talks for obtaining a stake in BigBasket.
The Alibaba-Paytm Mall combine duo, has offered to invest $200 million in BigBasket at a valuation of nearly $900 million post the investment.
Alibaba backed Paytm Mall to acquire a minority stake in BigBasket.
A spokeswoman for Alibaba did not made any comment and explained it as “market speculation.”
“As matter of policy, we do not comment on market speculation and rumours,” said an associate on behalf of Temasek
Other investors in news
Amazon, too, is focusing over online grocery in India. The company recently secured the government’s approval for its foreign direct investment of $500 million in the business.