China's Alibaba leads investment in India's leading online grocer

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China's Alibaba leads investment in India's leading online grocer

Chinese e-commerce giant Alibaba has become the biggest shareholder in India's leading online grocery BigBasket after it led a US$300-million funding round, Telegraph India reports.

Alibaba invested US$146 million in the grocer, subscribing to compulsorily convertible preference shares. Other investors who participated include Abraaj Capital, Sands Capital and IFC.

The deal is expected to give BigBasket more muscle to compete against rivals such as Grofers and Amazon, the story reported.

The company reportedly plans to use the investment to build its farm network and expand deeper into existing cities.

"BigBasket is delighted to receive this funding from Alibaba, which will be directed towards growth and consolidation. The multinational e-commerce retailer fits in best with what we believe in," BigBasket co-founder and CEO Hari Menon was quoted as saying.

He added that the funds would be directed toward strengthening the company's technology, analytics and infrastructure.

According to Menon, the online grocery player is currently partnering about 1,800 farmers throughout the country.


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