Alibaba seeks approval to buy stake in India’s BigBasket
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Chinese internet giant Alibaba is seeking Competition Commission of India (CCI) approval to acquire a stake in online grocery startup BigBasket.
Financial details have not been disclosed in the CCI filing, which relates to “the acquisition and purchase of shares” of BigBasket parent Supermarket Grocery Supplies by Alibaba Singapore.
Alibaba Group Holding and its Indian associate PayTM E-Commerce were reported in July as having a 60-day exclusive pact with BigBasket. There were also reports of BigBasket being in merger talks with rival Grofers.
BigBasket has a presence in Bengaluru, Hyderabad, Pune, Mumbai, Chennai, Delhi-NCR, Kolkata, Jaipur, Punjab and Lucknow as well as four other cities, and has raised more than $200 million from investors.
Questions & Answers
Q.Which entity is seeking approval to invest in BigBasket?
Which entity is seeking approval to invest in BigBasket?
Alibaba Singapore is seeking approval from the Competition Commission of India (CCI) to acquire shares in BigBasket's parent company, Supermarket Grocery Supplies.
Q.What kind of company is BigBasket?
What kind of company is BigBasket?
BigBasket is an online grocery startup that operates in several major Indian cities, including Bengaluru, Mumbai, Chennai, and Delhi-NCR. It has reportedly raised over $200 million from investors.
Q.Has Alibaba previously been linked to BigBasket?
Has Alibaba previously been linked to BigBasket?
Yes, Alibaba Group Holding and its Indian associate PayTM E-Commerce were reported in July to have a 60-day exclusive pact with BigBasket regarding a potential investment.
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