Online grocery sales are fast becoming popular in India, with BigBasket, SoftBank-backed rival Grofers and Amazon’s India unit vying for a bigger piece of the market.
Sands Capital Pvt Growth Ltd, International Finance Corp and Abraaj Basket I Pvt Ltd also participated in the latest funding round. Founded in 2011, Bengaluru-headquartered BigBasket services more than 6 million registered customers across 26 Indian cities.
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Through its units, Alibaba holds various investments in India’s growing online retail space, including a stake in the parent of mobile payments provider Paytm.
On Thursday, Alibaba had announced that it would buy a 33 percent stake in its payment affiliate Ant Financial, exercising the option from a 2014 agreement, in exchange for certain intellectual property rights owned by the e-commerce giant. The announcement came after the company beat its third-quarter revenue expectations, as the revenue rose 56 percent, shrugging off any concerns about a market slowdown.
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