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Report: Alibaba to invest $200 million in Indian grocer Bigbasket

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Report: Alibaba to invest $200 million in Indian grocer Bigbasket

Alibaba Group Holding Ltd. will invest about $200 million in Bigbasket, the largest online supermarket in India, Bloomberg reported Dec. 8.

Citing unnamed sources, Bloomberg reported that the Chinese e-commerce giant's investment will be the largest in a funding round for the startup worth $280 million. Once approved by antitrust officials in India, Alibaba's investment would represent a roughly 25% stake in the company.

Neither Bigbasket nor Alibaba immediately responded to requests for comment on Bloomberg's report.

The investment marks the latest move in a contest between big players in India, a market that, unlike the U.S., is largely fragmented, according to Bloomberg. Amazon.com Inc. has committed $5 billion to investing in Indian operations, according to the report.