Paytm may pick up a stake in BigBasket
Paytm is believed to be in discussions over picking up a minority stake in BigBasket, an Indian e-commerce site set up like a supermarket.
It is believed that discussions could be concluded within the next few weeks, although both parties have refused to give statements on the matter. Paytm is currently a registered payment option for BigBasket but this deal could serve to strengthen links between the two online businesses with Paytm taking a stake in BigBasket.
BigBasket currently delivers to 25 major cities in India and, much like a supermarket, it stocks food items along with cosmetics and lifestyle products. Brands such as Nivea and Himalaya are featured on the site and it is constantly expanding. Industry watchers have predicted that online grocery shopping will soon become a larger part of the market than electronics and fashion, the current main categories for online shopping. In this way, it is unsurprising that there is talk of Paytm buying into this online grocery giant.
Paytm is backed by SoftBank and Alibaba and is an online digital payment site. The site covers utilities such as gas and electricity, transport fares, and technology. The site also sells a variety of apparel, cosmetics and accessories from brands such as Puma, Nike, Vero Moda, Ray Ban and Vans. Taking a share in BigBasket would be its first foray into the world of online groceries and supermarket items.
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