"The deal will help Paytm Mall strengthen its online-to-offline strategy (using BigBasket's partnerships with corner stores), helping them take on Amazon," this person said. While BigBasket sought a valuation of $700-800 million for the entire company, Amazon had proposed an initial valuation of less thanmillion, according to a person aware of the deal talks. But the two parties, who have held talks multiple times, could revive discussions.Investment bank Morgan Stanley is advising BigBasket in these talks.A Paytm spokesperson declined to comment. BigBasket cofounder Hari Menon said over a text message that information about Paytm Mall's investment in the company was "not true at all. "Paytm and Amazon lost out when they did not get Jabong or Myntra, giving unassailable lead to Flipkart in the fashion segment.

Source: Economic Times July 10, 2017 18:11 UTC