BigBasket has raised $150 million in a current financing round. Mirae-Naver, a major South Korean investment company, CDC Group, the U.K. administration’s development finance institution, and Alibaba Group collectively led the round of financing from Supermarket Grocery Supplies Pvt (SGSPL), the operator and owner of the internet food and supermarket.
With this fund increase, BigBasket’s evaluation spans the 1 billion mark, propelling the eight-year-old e-tailer to the unicorn club where privately-held startups are valued at $1 billion and over.
Another Indian unicorns contain insurance aggregator PolicyBazaar, e-commerce website Paytm Restaurant, resort series OYO, food technologies firms Swiggy and Zomato, edtech company Byju’s, and logistics company Delhivery.
Based on Ashish Dave, the mind of India Investments for Mirae Asset Global Investments, SGSPL provides a transformational and handy experience to its customers, making it a favorite supermarket store platform. “As India goes towards organized retail that provides standardized quality, speed and comfort from the purchasing experience, we firmly believe that the BigBasket manufacturer will continue to specify this section as a group leader,” he explained.
The fundraise marks Mirae-Naver’s biggest investment in India. The business is a joint venture between Seoul-based Mirae Financial Group and also South Korea’s top online company Naver Corporation. “We’re excited about the investment opportunities in India, and it is integral geography for us, in which we continue to identify and associate with market-leading firms,” Dave stated.
Grocery is among those fastest-growing sections in online retail. RedSeer Consulting, a research and advisory company, estimates that from India’s over $500-billion supermarket, a mere 0.2% signifies online retail.
Founded in 2011, BigBasket is headquartered in Bengaluru and works at 10 metro cities and 15 tier two cities. It delivers a variety of over 13,000 brands, and 19,000 products across groups like fruits, vegetables, staples, meat, drinks, and personal care.
BigBasket stated in a release on Monday the profits of its most recent form of fundraising will be spent in scaling up its own operations. “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,” explained V.S. Sudhakar, creator, BigBasket.
“We are re-engineering our supply chain to allow for faster delivery to our resellers and to reduce the time from farm to our customers. We are also scaling up the back-end supply chain for our new businesses- BB Daily that delivers fresh milk and other fresh products and BB Instant that creates a network of vending machines,” said Sudhakar.