Bengaluru-based hyperlocal startup BigBasket is close to completing its $150 Mn funding round with sizable investments from Chinese ecommerce giant Alibaba, South Korean Mirae Asset Global Investments and the UK government-backed CDC Group.
According to the Ministry of Corporate Affairs filing, dated March 27 accessed by Inc42:
- Alibaba Group will pick up 437.5K Series F CCPS in the company for $50 Mn at a value of $114.29 per share
- Mirae Asset will pick up 524.9K Series F CCPS for $59.9 Mn at a value of $114.29 per share. It will also pick up 100 equity shares at a value of $11.43 per share for $1142.86
- CDC will pick up 350K Series F CCPS in the company for $40 Mn at a value of $114.29 per share
Prior to this round, BigBasket had raised a total of $874.6 Mn across 13 funding rounds from investors such as Alibaba, Helion Venture Partners, Bessemer Venture Partners, Abraaj Group, LionRock Capital and others.
Related Article: First Unicorn Of 2019? BigBasket Is Raising $150 Mn Funding
The company’s last funding round was closed in February 2018 with a massive $300 Mn, led by Chinese conglomerate Alibaba along with the participation of Abraaj Capital, Sands Capital and IFC.
BigBasket was launched in 2011 by VS Sudhakar, Hari Menon, Vipul Parekh, V S Ramesh and Abhinay Choudhari. The company plans to touch $1 Bn gross sales run rate by the end of FY19. It has recorded close to $33 Mn (INR 230 Cr) in gross monthly sales, with an annual exit rate of around $435.8 Mn (INR 3K Cr) in March 2018.
BigBasket has been putting its efforts to create in-house brands such as Fresho for vegetables and idli and dosa batter; Royal and Popular for staples; Tasties, for snacks will help drive growth going forward. This addition helps BigBasket in becoming self-reliant while other players have to depend on kirana stores for their supply of these products.
According to a TechSci Research report, the Indian online grocery market is expected to grow at a CAGR of 55% during 2016 – 2021.
Also, earlier this month, Gurugram-based online grocery startup Grofers has raised nearly $60 Mn in a fresh Series F funding round from SoftBank Vision Fund (SVF). This is reportedly the first tranche of the larger $120 Mn-$140 Mn funding round that is under works for Grofers.