Bangalore based e-grocery startup BigBasket has raised $150 million fresh funding as it becomes the latest Indian startup to attain the unicorn status. The latest investment round was co-led by South Korea’s Mirae Asset- Naver Asia Growth Fund, UK’s CDC Group. Alibaba, the existing investor also participated in the financing. Using the freshly raised funds will allow them in deepening its presence in the currently existing market along with increasing the supply chain capabilities.
BigBasket was launched in 2011 by Abhinay Choudhari, Hari Menon, Vipul Parekh and VS Sudhakar. Last investment for BigBasket came in February last year when it raised $300 million from Alibaba. Sands Capital Ventures, Bessemer Venture Partner, Brand Capital, International Finance Corporation, CDC Group are the other major backers of the firm. BigBasket currently has a presence in 10 metro cities and 15 Tier-II cities.
Sudhakar talking about the funding and plans going ahead said, “We have a unique opportunity to build one of the largest grocery businesses in the country in the country and we expect the capital raised in this round to continue to enable us to do just that."
Ashish Dave, head of India investments for Mirae Asset Global Investments talking about the capital infusion noted, “Big Basket offers a transformational and convenient experience to its consumers, which makes it a preferred grocery platform. As India moves towards organized retail that offers standardized quality, comfort and speed in the shopping experience, we firmly believe the Big Basket brand will continue to define this segment as a category leader."