Bigbasket gets nod from govt for FDI in Food Retail

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Bigbasket has got nod from the government on its investment proposal for FDI in food retail, according to reports,

The company had applied for the approval last year in September.

The  company has raised about $305.8 bn till now.

Earlier in July, Alibaba Group Holding Ltd. and Paytm E-commerce Pvt. Ltd were in discussion to buy stake in Bigbasket, stated media reports.

bigbasket.com is India’s largest online food and grocery store. It has over 18,000 products and over a 1000 brands. It also has wide range of options available at the lowest prices. .It offers services in Bangalore, Hyderabad, Mumbai, Pune, Chennai, Delhi, Noida, Mysore, Coimbatore, Vijayawada-Guntur, Kolkata, Ahmedabad-Gandhinagar, Lucknow-Kanpur, Gurgaon, Vadodara, Visakhapatnam, Surat, Nagpur, Patna, Indore and Chandigarh Tricity city limits.

Alibaba Group Holding Limited is a Chinese e-commerce company which provides consumer-to-consumer, business-to-consumer and business-to-business sales services via web portals.