Chinese e-commerce company Alibaba has sought approval from the Competition Commission of India to acquire a stake in online grocery supplier BigBasket.
The Alibaba group plans to buy stake in Supermarket Grocery Supplies, which runs BigBasket, through its subsidiary Alibaba Singapore E-Commerce Private Limited, a notice by the anti-trust body said on Monday.
The notice did not have details of the proposed investment. The size of the investment is likely to be $200 million (Rs 1,310 crore), according to earlier reports by The Economic Times and VCCircle.
Earlier this year, Alibaba group invested $200 million in Paytm’s online marketplace unit, including $177 million from Alibaba Singapore E-Commerce Pvt Ltd said.
Investing in BigBasket could help the grocery company further strengthen its position in the Indian market.
Buy an annual Scroll Membership to support independent journalism and get special benefits.
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!