Alibaba leads $300 million funding for Indian online grocer Bigbasket

INDIA – Alibaba Group Holding Ltd led a $300 million investment into India’s biggest online grocer Bigbasket, signalling that the region’s segment is firing up. Hari Menon, Bigbasket’s co-founder and chief executive officer, said the investment values the company at $950 million—just $50 million under the $1 billion valuation that would have earned it tech unicorn status. “We wanted a strategic investor and saw Alibaba as the best fit,” Menon said in an interview. He said existing investors Abraaj Group and Bessemer Venture Partners participated in the latest round. India’s…

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Fonterra partners with Alibaba to launch milk products in China

NEW ZEALAND – New Zealand’s leading dairy Fonterra, has launched a new fresh milk product in China in partnership with Alibaba’s retail arm Hema Fresh as it plans to rapidly expand with the retailer across China. According to the company, the new product Daily Fresh will be sourced from Fonterra’s farm hub in Hebei province and availed in Hema’s 14 stores in Shanghai and Suzhou in 750mL bottles. This comes in response to the growing domestic demand for higher-quality fresh milk products with around 3 metric tonnes of the product…

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Alibaba gets CCI approval to invest in India’s BigBasket

INDIA – Chinese e-commerce major Alibaba has got approval of the Competition Commission of India (CCI) for investing in Indian online grocery platform, BigBasket. The move comes within a month of Alibaba seeking CCI’s nod for the same. According to a CCI notice, Alibaba Singapore – a subsidiary of Alibaba Group Holding – had proposed the acquisition and purchase of shares of Supermarket Grocery Supplies (SGS), the company that runs BigBasket. The notice, however, did not spell out the details of the investment, including the quantum of stake and the financial value of…

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