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An employee delivers groceries for BigBasket.com in Bengaluru, India. Photo: Hemant Mishra / Mint via Getty Images

Chinese e-commerce giant Alibaba is helping fund India's largest online grocer, Bigbasket, with a $300 million dollar investment, reports Bloomberg. The company plans to utilize the funds for building farmer networks, warehouses, and delivery infrastructure in the more than two dozen cities it operates in.

Why it matters: India's current retail market is valued at more than $900 billion, with grocery shopping accounting for roughly $600 billion of that, Bigbasket co-founder and CEO Hari Menon told Bloomberg. But the expansion of grocery e-commerce in the country is hindered by the lack of refrigerated trucks, warehouses and fundamental logistics.

Background: Founded in December 2011, the Bangladesh-based company sells items ranging from spices to kitchen supplies. Bigbasket has caught the attention of several companies, and had been in talk with several other global retailers, including Amazon. and Walmart.

Go deeper

Michigan board certifies Biden's win

Poll workers count absentee ballots in Detroit, Michigan on Nov. 4. Photo: Salwan Georges/The Washington Post via Getty Images

The Michigan Board of State Canvassers certified the state's election results on Monday, making President-elect Joe Biden's win there official and granting him the state's 16 electoral votes.

Why it matters: Republican Party leaders had unsuccessfully appealed to delay the official certification, amid the Trump campaign's failed legal challenges in key swing states.

Biden to nominate Janet Yellen as Treasury secretary

Photo: Photo by Alex Wong/Getty Images

President-elect Joe Biden is preparing to nominate former Fed Chair Janet Yellen as his Treasury Secretary, four people familiar with the matter tell Axios.

Why it matters: Yellen, 74, will bring instant economic celebrity to Biden’s team and, if confirmed, she will not only be the first female Treasury Secretary but also the first person to have held all three economic power positions in the federal government: the chair of Council of Economic Advisers, the chair of Federal Reserve and the Treasury Secretary.

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Bob Nelsen on AstraZeneca and his plan to revolutionize biotech

AstraZeneca and the University of Oxford on Monday reported promising efficacy data for their COVID-19 vaccine, which has less stringent storage requirements than the Pfizer and Moderna vaccines and may be distributed earlier in developing countries.

Axios Re:Cap digs into the state of vaccine and therapeutics manufacturing with Bob Nelsen, a successful biotech investor who on Monday launched Resilience, a giant new pharma production platform that he believes will prepare America for its next major health challenges.