Alibaba and Paytm may pick up stake in Bigbasket

Players like Snapdeal-backed PepperTap has already shut shop

Alibaba and SoftBank-backed Paytm are believed to be in discussions to pick up minority stake in online grocery retailer Bigbasket for about $200 million, according to sources.

The due diligence is on and the deal could be finalised in the next few weeks, sources privy to the development said.

They did not wish to be identified as discussions are still on and the deal has not been signed yet.

When contacted, Paytm declined to comment, while Bigbasket said: "This is completely untrue."

With people getting comfortable buying milk and bread online, online grocery segment is projected to witness strong growth over the next few