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.