India's BigBasket raises $32.8m Series B from Helion, Zodius
Helion Venture Partners and Zodius Capital have led a INR2 billion ($32.8 million) Series B round of investment in BigBasket.com - the Indian online retailer owned by Bangalore-based SuperMarket Grocery Supplies.
According to VCCircle, existing investors also taking part in the round included: Ascent Capital; Srihari Kumar, founding partner of Singapore-based LionRock Capital; and serial entrepreneur K Ganesh. The company previously raised a $10 million Series A round from Ascent Capital.
BigBasket.com has operations in Bangalore, Mumbai and Hyderabad. As of April this year, the company had 10,000 products and 1,000 grocery brands. It currently claims to process about 2,500 orders per day on average.
The founding team previously launched e-commerce site FabMart.com in 1999 and established Fabmall-Trinethra, a chain of more than 200 grocery supermarket stores in southern India, which was exited to Aditya Birla Group in 2006.
"The capital from this round will be used to expand our operations to 10 cities, including Pune, Delhi and Chennai, besides expanding our product portfolio and improve the technology platform," said BigBasket co-founder Hari Menon.
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