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Big Basket is supported by China's Alibaba Group

Oct 9, 2020

Business News: Big Basket is originally supported by China's Alibaba Group.

On-line grocery retailer Big Basket was earlier in talks with Singapore government's TeamSec, America's Generation Partners, Fidelity and others. The company wants to raise $ 35-40 million. With this, its valuation can increase by 33% to $ 2 billion (15 thousand crore rupees).

Big Basket is supported by China's Alibaba Group [Image]

Tata Group may buy 20 percent stake in Big Basket. With this, he can take two seats on the board of Big Basket. If this deal is done, then Mukesh Ambani and Amazon will compete directly with it. Because both these companies do digital delivery. After this, Tata Group will also enter this business.

Earlier in August, Mukesh Ambani's Reliance Retail bought Kishore Biyani's retail company and wholesale business Future Group. Its brand and supply chain will support Geo Mart. This will allow Jio Mart to reach 420 cities and have 1,800 stores.

Reliance Retail has emerged as a strong company in the country's Rs 2 lakh crore retail business.

China News Mukesh Ambani Reliance Tata

Piyush Verma

I am a Blogger and Web Designer.

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