India: AskmeBazaar in talks with Chinese giants Alibaba, Baidu to raise $200m

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.

Alibaba Group, which backed Snapdeal, was most recently reported to be exploring an acquisition of stake in India’s largest e-commerce firm Flipkart Ltd,

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.

Also Read: 

After Snapdeal and Paytm, Alibaba now looks to buy stake in India’s Flipkart

India: Paytm inks pact with its largest investor Alibaba, to expand to global markets

Augmented reality startup Magic Leap raises $793.5m in funding round led by Alibaba

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.