Paytm Mall likely to acquire online supermarket BigBasket

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Paytm Mall is most likely planning to acquire a majority stake in the online supermarket BigBasket.

Reports suggest that the Chinese e-commerce giant and Paytm backer Alibaba had invested $ 200 million into BigBasket in February.

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.

The transaction was the Warren Buffett-led company’s first investment in the country.

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