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Bengaluru-based BigBasket is close in making $150 Mn funding with investments from Alibaba, a Chinese e-commerce titan, Mirae Asset Global Investments and the UK government-backed CDC Group.
Before this round, BigBasket had raised a total of $874.6 Million over 13 funding rounds from investors- Alibaba, Bessemer Venture Partners, Helion Venture Partners, Abraaj Group, LionRock Capital among others.
In February 2018, hyperlocal startup funding round was closed with a whopping $300 Million, by Chinese conglomerate Alibaba along with the Abraaj Capital, Sands Capital, and IFC.
BigBasket was begun in 2011 by VS Sudhakar, Hari Menon, Vipul Parekh, V S Ramesh, and Abhinay Choudhari. The company intends to reach $1 Billion in gross sales by the end of FY19. According to the records in March 2018 it was recorded close to $33 Mn (INR 230 Cr) in gross monthly sales, with an annual exit rate of about $435.8 Mn (INR 3K Cr).
BigBasket has been striving hard to create in-house brands like:
- Fresho– vegetables and idli and dosa batter;
- Royal and Popular– staples;
- Tasties– snacks will help drive growth going forward.
BigBasket’s competition is multiplying, with the venture of big players such as Flipkart, Amazon India, and Paytm Mall in the grocery delivery sector.
Earlier this month, Gurugram-based online grocery platform Grofers has raised nearly $60 Million in a Series F funding round from SoftBank Vision Fund. As per the reports, it is the first tranche of the larger $120 Mn-$140 Mn funding round that is under process for Grofers.