Alibaba became shareholder in BigBasket investment

Vastavam web: China’s Alibaba became the biggest shareholder in India’s leading online grocer BigBasket after a $300-million funding round, stepping up its rivalry with Amazon in the country.Alibaba invested $146 million in the grocer, subscribing to compulsorily convertible preference shares, BigBasket said in a filing to Indian regulators.

Sands Capital, International Finance Corp and Abraaj Capital also participated in the $300 million funding round.BigBasket, which sells everything from vegetables to shampoo, will use the funds to improve its technology, analytics, infrastructure and marketing, Menon said.Sands Capital, International Finance Corp and Abraaj Capital also participated in the $300 million funding round.

BigBasket, which sells everything from vegetables to shampoo, will use the funds to improve its technology, analytics, infrastructure and marketing, Menon said.Alibaba holds various investments in India’s fast-growing online retail space, including a stake in the parent of top digital wallet firm Paytm.