Bangalore-based online grocer BigBasket has raised $150 Mn in funding led by UAE-based private equity investor Abraaj Group.
Online grocer’s existing investors Bessemer Venture Partners, Helion Advisors, Zodius Capital and Ascent Capital along with new investors International Finance Corp and Sands Capital also participated in the round.
In a statement, Abraaj Group said that the company has raised funds as it looks to expand into existing markets, establish its presence in tier II cities across India, and increase the range of products being offered to customers.
Related Article: First Unicorn Of 2019? BigBasket Is Raising $150 Mn Funding
VS Sudhakar, co-founder of BigBasket said, “The company aims to increase the reach of its recently launched one-hour express delivery service and launch a marketplace for specialty stores in coming months. This coupled with an expansion in our range of private label products will create a solid foundation for growth in both revenue and profitability.”
Founded by Fabmall founders VS Sudhakar, Hari Menon, Vipul Parekh, VS Ramesh and Abhinay Choudhari, in 2011, BigBasket, has raised $92.8 Mn till date. It claims to sell over 19,000 products across 1,000 brands. It currently operates in 18 cities and averages 5 Mn monthly unique visitors and executes over 1 Mn orders per month.
It recently announced that it will foray the hyperlocal segment competing with startups like Grofers, Peppertap and ZopNow.
For Abraaj, this is the third investment in India over the past five months. Its previous transactions include Care Hospitals and the development of a gigawatt scale renewable energy platform in partnership with the Aditya Birla Group.
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