Bengaluru: Alibaba-backed online marketplace Paytm Mall has initiated discussions to acquire a minority stake in online grocery retailer BigBasket for $200 million, one person familiar with the matter said.

No deal has been agreed upon yet, the person said, on the condition of anonymity.

The FactorDaily technology news website reported the news earlier.

Paytm and BigBasket didn’t immediately reply to emails seeking comment.

BigBasket (Supermarket Grocery Supplies Pvt. Ltd) has been in talks to raise $150 million in fresh capital since the start of the year.

While the company has attracted interest from several high-profile investors, including Wal-Mart Stores Inc., Amazon.com Inc., Tencent Holdings Ltd and Fosun International Ltd, its fund-raising efforts have been delayed because of valuation differences.

Mint reported on 19 April that BigBasket had also held talks to merge with smaller rival Grofers India Pvt. Ltd, primarily to bring on board the latter’s largest investor SoftBank Group Corp. Those discussions didn’t go anywhere, the person cited above said.

BigBasket has so far raised at least $220 million in funds from investors, including Abraaj Group, Bessemer Venture Partners, Sands Capital and International Finance Corp. It last raised $150 million from a clutch of investors in March 2016 at a valuation of about $450-500 million.

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