Paytm Mall is most likely planning to acquire a majority stake in the online supermarket BigBasket.
Paytm Mallis an e-commerce venture backed by China’s Alibaba Group. Reportedly, the payments giant was planning to acquire an online grocery player ever since rumors pertaining to Walmart plan of buying an online retail partner in India was doing rounds in 2017.
Reports suggest that the Chinese e-commerce giant and Paytm backer Alibaba had invested $ 200 million into BigBasket in February.
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Analysts believe that the move may assist Paytm to compete with taking on US-based Amazon and homegrown e-commerce giant Flipkart, both of which have entered into the online grocery space in India.
Last month, Berkshire Hathaway Inc invested $ 300 million (about Rs 2,179 crore) in One97 Communications Ltd, the owner of Paytm.
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The transaction was the Warren Buffett-led company’s first investment in the country.
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Paytm Mall is an e-commerce venture backed by China’s Alibaba Group. Reportedly, the payments giant was planning to acquire an online grocery player ever since rumors pertaining to Walmart plan of buying an online retail partner in India was doing rounds in 2017.
