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BigBasket gets funds from Alibaba, Mirae as investors bet on Indian startups

Online grocery retailer receives $150 million

An employee carries goods at a BigBasket warehouse on the outskirts of Mumbai.   © Reuters

MUMBAI (NewsRise) -- Indian online grocery retailer BigBasket received funds worth $150 million from Alibaba Group and other global investors, signaling the rebound in interest in south Asian nation's online startups.

Venture investments in India start-ups slowed down over the past quarter as investors remained cautious of the regulatory changes in the country. The government had, in December, overhauled the foreign investment rules for the country's fast-growing e-commerce sector that curbed online retailers from selling products of companies in which they have equity interest.

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