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Amazon.com, the US-based e-commerce major, is in talks to acquire a privately held Bangalore, India-based Supermarket Grocery Supplies (BigBasket), the operator of online grocery portal BigBasket.com, four sector bankers said.

The discussions are at an initial stage, two bankers said, adding that Amazon.com is not known as an aggressive buyer. Amazon does not have an advisor at the moment, the bankers said.

The USD 240.3bn market cap company has not made any acquisitions in India. It was in discussions with online apparel retailer Jabong in 2014, but talks fell through, according to previous media reports.

BigBasket raised USD 50m from a Series B backed by Bessemer Venture Partners, Helion Venture Partners, Zodius Capital and Ascent Capital in August 2015, according to media reports. The company had been looking to raise USD 150m in the coming two years and had hired Citibank to this end, according to media reports in August 2015.

China’s Internet search provider Baidu is also holding talks with some online retailers in India including BigBasket, according to a local report in January citing Baidu’s head in India.

Amazon is likely to roll out its grocery portal Kirana Now in the next quarter and is looking for acquisitions in the segment to establish its presence, the bankers said. It will give an edge over its local competitors

Bangalore-based Flipkart and New Delhi-based Snapdeal which do not have presence in the segment, they said.

The market size for the food and groceries industry in India is estimated at USD 383bn and is expected to grow to USD 1tn by 2020, according to a 2015 report by consultancy firm Technopak. BigBasket is among the top three players in the segment, which is targeting to reach revenues of USD 1bn by FY17, the report said.

BigBasket's domestic competitors include Grofers, Zopnow, Peppertap, Localbanya and Jugnoo.

Amazon and BigBasket did not respond to requests for comment.

A more specific shareholder breakdown was not available for BigBasket.