CCI nod to Alibaba’s stake buy in BigBasket
ET Bureau|
Updated: Dec 15, 2017, 09.20 AM IST
BENGALURU: It’s all set to be a smooth delivery for BigBasket as the Competition Commission of India has approved Chinese ecommerce giant Alibaba’s stake purchase in the grocery etailer.
This approval comes a week after ET had reported that Alibaba is in talks to buy over a third of BigBasket in a deal pegged at over $300 million. The transaction will add to a portfolio of strategic investments the Chinese ecommerce giant is building in India as it squares up against Amazon in one of the most dynamic markets for ecommerce. The investment will allow BigBasket to further cement its position as the market leader in the grocery segment while allowing Paytm Mall, backed by Alibaba to get a significant foot in this market.
Paytm Mall is also likely to invest in BigBasket as part of the deal, and will hold about 35-40% stake in the grocery etailer along with Alibaba.
This approval comes a week after ET had reported that Alibaba is in talks to buy over a third of BigBasket in a deal pegged at over $300 million. The transaction will add to a portfolio of strategic investments the Chinese ecommerce giant is building in India as it squares up against Amazon in one of the most dynamic markets for ecommerce. The investment will allow BigBasket to further cement its position as the market leader in the grocery segment while allowing Paytm Mall, backed by Alibaba to get a significant foot in this market.
Paytm Mall is also likely to invest in BigBasket as part of the deal, and will hold about 35-40% stake in the grocery etailer along with Alibaba.
