Innovative Retail Concepts Private Limited, which runs online grocery and food store BigBasket.com is about to raise $33 Mn in funding from ICICI Ventures and Zodius Capital.
Reports suggests that the startup is looking at $100-million valuation, and for this round IT major Wipro’s Azim Premji’s investment arm PremjiInvest and Sequoia Capital were also looking to invest but however moved out of the race after placing lower offer.
Serial investor duo K Ganesh and Meena Ganesh are co-promoters of BigBasket. Ascent Capital also owns a majority stake in the company after it had invested $10 Mn into it two years back.
However, there is no confirmation from the company regarding the funding, but in an previous interview with a The Hindu, K Ganesh had said that BigBasket will be raising $40 – $50 Mn in a Series B funding round soon.
The startup offers over 10,000 products and has about 1000 brands in its catalogue including Fruits and Vegetables, Rice and Dals, Spices and Seasonings to Packaged products, Beverages, Personal care products, Meats etc.
BigBasket currently has services in Mumbai, Banagalore and Hyderabad, with plans to launch services in Delhi NCR, Chennai and Pune. It was founded by founders of e-tailer Fabmart, Hari Menon, along with four others, who had sold their offline retail brands Fabmall and Trinetra to Aditya Birla Group.
Earlier this year, BigBasket had raised $ 3Mn in a bridge round of funding from a Singapore-based private investor. ZopNow is another player operating in the same space.