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Alibaba and Paytm To Invest in BigBasket Soon
Alibaba and Paytm are all set to invest a whopping $ 200 million in SuperMarket Grocery Supplies Pvt., Ltd., owned BigBasket. The online grocery startup will be valued at $ 600 million before the investment.
VCCircle reported, the Chinese online retail giant Alibaba along with the digital wallet Paytm will announce the investment very soon. According to various media reports, India’s largest online grocery firm BigBasket has raised $ 280 million in a Series E funding round led by Paytm Mall and Alibaba, on Friday. The companies have been in talks for a potential investment for months now. Post funding, the grocery company’s valuation may range between $ 800 – $ 900 million, bringing it closer to becoming a unicorn company. Alibaba, Paytm and BigBasket are yet to comment on the investment round.
Global ecommerce giant Amazon was also reportedly in talks with BigBasket for a potential investment. But, the talks did not pan out as Bigbasket sought a valuation of $1 billion, which Amazon didn’t accept. Since then media reports suggested Amazon might be in talks with online grocery retail startup Grofers to get a toehold in the online grocery retail sector. This investment by Amazon could be closer to $ 100 million in an attempt to prevent homegrown ecommerce giant Flipkart from aligning with the eretail company.
BigBasket, founded in 2011 by Hari Menon, Abhinay Choudhari, V.S. Sudhakar, Vipul Parekh and V.S. Ramesh, was valued at $450 million during its previous fundraising round. The company claims to have over 5 million customers and has registered about Rs. 1,400 crores in revenue in the fiscal year 2017. Bengaluru based BigBasket has raised about $ 250 million so far and posted a revenue of Rs. 563 crores for the financial year 2015 – 2016 and expanded to over 30 cities from just six. The big lucrative Internet food retail industry in India is expected to be valued at $1.2 trillion by 2020.
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