Alibaba, the China based ecommerce giant, along with Japan based venture capital firm SoftBank, have received the Competition Commission of India’s (CCI0 approval to purchase a minority shareholding in Bigbasket and Flipkart, respectively. This nod of approval comes merely a month after the Jack Ma led Alibaba sought permission from the CCI.
According to reports, the development comes in favour of BigBasket, with Alibaba planning on acquiring 35% – 40% stake in the online grocery platform. The Jack Ma owned ecommerce platform wants to invest $ 300 million in the food delivery platform.
As per reports, once the deal goes through, BigBasket’s post money valuation will stand at $ 850 million! Further, the transaction will involve an initial round of investment at $ 220 million, while $ 80 million will be used to acquire shares from existing shareholders. Co founders of BigBasket, Vipul Parekh, Abhinay Chaudhary and V.S. Sudhakar are going to sell portions of their shares as well.
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