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Bolstering its online grocery play, Paytm Mall is likely to announce its $200-million investment in e-grocery major Bigbasket next month.
Paytm Mall was in talks to buy 20 per cent in the e-grocer from the primary stake sale. Sources said that the e-commerce player is likely to buy a stake from secondary sale as well, which might further increase its stake in the company. Paytm Mall declined to comment on the issue.
Sources said that the company gave a rough valuation of $800 million to Bigbasket.
“The deal is complete, there are a few minor things that are left to be done, the announcement is likely going to happen next week. It would give Bigbasket a cash boost it needs for further expansion,” a source close to the deal said.
Paytm Mall likely to invest $200 mn in Bigbasket in October
Paytm Mall was in talks to buy 20 per cent in the e-grocer from the primary stake sale. Sources said that the e-commerce player is likely to buy a stake from secondary sale as well, which might further increase its stake in the company. Paytm Mall declined to comment on the issue.
Sources said that the company gave a rough valuation of $800 million to Bigbasket.
“The deal is complete, there are a few minor things that are left to be done, the announcement is likely going to happen next week. It would give Bigbasket a cash boost it needs for further expansion,” a source close to the deal said.
Paytm Mall likely to invest $200 mn in Bigbasket in October