The investment would earn the Chinese e-commerce giant a 25 percent stake in Bigbasket and a foothold in two burgeoning e-commerce markets: the nascent Indian e-commerce industry and the online grocery industry.
Amazon CEO Jeff Bezos said earlier this year the company would invest $3 billion in India to challenge local names like Flipkart and Snapdeal, but the American titan has been increasingly facing off against its Chinese rival in the country.
Bigbasket had previously been in investment talks with Amazon, Bloomberg reports, before the online retailer’s purchase of Whole Foods in June.
Source: Tech CNBC
Alibaba is reportedly investing 0 million in an Indian grocer, in a challenge to rival Amazon