Alibaba deepens India push with BigBasket investment
Hari Menon
Investors picked up stakes in BigBasket through secondary share purchases as well   chief executive Hari Menon  told Reuters on Friday  declining to give a breakdown other than to say Alibaba now owns the biggest slice.
BigBasket  which sells everything from vegetables to shampoo  will use the funds to improve its technology  analytics  infrastructure and marketing   Menon  said.
The Bengaluru-headquartered firm  which also plans to build farmer networks and expand deeper into Indian cities where they operate  expects to break even between 2020 and 2022   Menon  added.
BigBasket is planning to sign a deal with Paytm E-Commerce that runs online marketplace  Paytm Mall  allowing both firms to leverage each others strengths   Menon  said.
Under the deal  which will become effective in the first half of this year  Paytm will become the default payments provider to BigBasket while BigBasket will be able to cross-sell groceries on Paytm Mall   Menon  said.
Investors picked up stakes in BigBasket through secondary share purchases as well    [TGT] told Reuters on Friday  declining to give a breakdown other than to say Alibaba now owns the biggest slice.
BigBasket  which sells everything from vegetables to shampoo  will use the funds to improve its technology  analytics  infrastructure and marketing    [TGT] said.
The Bengaluru-headquartered firm  which also plans to build farmer networks and expand deeper into Indian cities where they operate  expects to break even between 2020 and 2022   Menon  added.
BigBasket is planning to sign a deal with Paytm E-Commerce that runs online marketplace  Paytm Mall  allowing both firms to leverage each others strengths    [TGT] said.
Under the deal  which will become effective in the first half of this year  Paytm will become the default payments provider to BigBasket while BigBasket will be able to cross-sell groceries on Paytm Mall    [TGT] said.