Amazon in talks to buy online grocery portal BigBasket

No.1| Amazon |The biggest e-commerce company has made its name from scratch and now works on major technological advances like artificial intelligence and streaming. The company was the second company to cross a trillion dollar valuation (Reuters)

Global e-commerce giant Amazon.com is in talks to buy online grocery startup BigBasket, as it plans to expand its footprint in the Indian market, Bloomberg reported on Tuesday.

The discussions are at a nascent stage and may not lead to a final sale, sources told Bloomberg. A representative from Amazon declined to comment.

Multiple media outlets in the past have also reported that BigBasket is mulling a merger with its rival Grofers.

But in an interview with Moneycontrol, BigBasket's CEO Hari Menon denied any plans of a merger with Grofers or getting acquired by Amazon. (Read full report here)

The company is endorsed by Bollywood star Shahrukh Khan and operates across 25 cities the country.

CEO Jeff Bezos has already said that he plans to invest USD 5 billion in India in order to wipe out competition from local rivals.

Amazon Now is Amazon's grocery offering in India with a 2-hour guaranteed delivery. The service launched as a pilot in India in 2016.

Marred by shortage of fund, more than 70 startups in the online grocery and hyper-local delivery segment space have shut shops in the past 1 year.

BigBasket has so far raised USD 246.75 million from investor such as Bessemer Venture Partners, The Abraaj Group, Helion Venture Partners and others.