BigBasket, grocery etailer is in final talks to raise about $15-16 Mn (about INR 100 Cr) in a new round of funding to be led by Silicon Valley-based venture capital firm Bessemer Venture Partners. The new round will value BigBasket at around INR 1,400 Cr., says reports.
The company plans to use this fund in expanding its food service business to more cities.
An anonymous spokesperson from the venture capital firm said, “The deal is an extension of the previous round. Bessemer had committed to invest more in the company which sees the valuation of the company cross Rs1,400 Cr.”
BigBasket had raised a total of INR 278 Cr in funding last year, of which it had raised INR 200 Cr. from Helion Venture Partners and Zodius Capital in September 2014. Its other investors include LionRock Capital, Ascent Capital and serial entrepreneur K Ganesh’s startup factory GrowthStory.
Another person from Bessemer spoke that BigBasket has exceeded all revenue and growth targets. It needs to focus now on customer acquisition which makes it an attractive opportunity for new investors to invest in the company.
Bessemer Venture Partners has backed companies like Snapdeal and TaxiForSure in the country and Blue Apron in US.