Big Basket bags massive $300 million in funding round led by Alibaba

 

New Delhi: Eyebrows were raised last December when it was widely speculated that Alibaba, China’s largest e-commerce firm, was going to invest big time in BigBasket, the hyperlocal grocery delivery company. There was even news of it seeking approval of the Competition Commission of India. Well, the deal finally fell into place on February 1, when most of India was busy obsessing over the Union Budget, and it is far bigger than what was expected.
The Bangalore-based start-up has raised $300 million Series E funding in a round led by Jack Ma’s conglomerate.