In a bid to acquire a stake in online grocery startup Bigbasket, Chinese ecommerce giant Alibaba has reportedly sought the approval of the Competition Commission of India (CCI). The news comes four months after the Jack Ma-led company and Paytm Mall initiated discussions with Bengaluru-based Bigbasket for a potential $200 Mn investment.
Once it receives the green signal from the regulatory body, Alibaba.com Singapore E-commerce, a subsidiary of Alibaba Group Holding, will be transferring the funds to the parent entity of Bigbasket, Supermarket Grocery Supplies, reported VCCircle recently.
If the deal goes through, Bigbasket’s post-money valuation is expected to reach $900 Mn, according to sources.
An email query sent to Bigbasket’s communication team did not elicit a response till the time of publication.
Alibaba and Paytm Mall have been eyeing to acquire a substantial stake in the online grocery platform since July this year. At that time it was reported that Paytm had started due diligence on Bigbasket accounts and operations.
An unnamed source had stated, “(Even) before the due diligence, Paytm (Mall) has offered $200 Mn to own a majority stake in Bigbasket. The final agreement will be made only after the due diligence process gets over.”