MUMBAI (Reuters) - China’s Alibaba (BABA.N)
became the biggest shareholder in India’s leading online grocer BigBasket after
a $300-million funding round, stepping up its rivalry with Amazon (AMZN.O) in
the country.
Alibaba invested $146
million in the grocer, subscribing to compulsorily convertible preference
shares, BigBasket said in a filing to Indian regulators.
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.
Sands Capital,
International Finance Corp and Abraaj Capital also participated in the $300
million funding round.
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