Online marketplace AskmeBazaar, run by Getit Infoservices, is in talks with Chinese giants Alibaba Group and Baidu to raise nearly $200 million in its next round of funding, according to a Business Standard report quoting an unnamed source.
AskmeBazaar, which counts Malaysian billionaire T Ananda Krishnan’s Astro Holdings as the principal investor, plans to raise the next round of funding in the next four months.
The company has held discussions with a number of investors in the US and China, and a final decision on the matter is likely to be taken in a few weeks.
“The company has held talks with a slew of investors, which include Alibaba and Baidu. Both these international giants have shown interest in the company,” said a source.
Chinese investors have been actively looking at the Indian market for investment. Alibaba has invested around $680 million in One97 Communications-owned mobile wallets company Paytm, making it the largest shareholder in the company.
On the other hand, Baidu is still scouting for an Indian company to invest in. Reportedly, the Chinese web services giant held talks with Zomato, which plans to raise $200 million in April.
“Our hyper-local model, next-day delivery (NDD) and grocery are doing well and we’re scaling up the technology and the brand. The gross merchandise value of grocery and the next-day delivery space is large at around Rs 200 crore a month,” said Kiran Murthi, CEO of AskmeBazaar.