
India's BigBasket raises $150m funding round
Indian online grocer BigBasket has raised $149.9 million from a group of investors including Mirae Asset Management, UK development finance institution CDC Group, and Alibaba Group.
Alibaba, BigBasket’s largest shareholder, contributed $50 million to the round, according to regulatory filings cited by Indian media, while Mirae committed $59.9 million and CDC invested $40 million. The investment reportedly raises the company’s valuation to $1.2 billion, making it India’s second unicorn of the year after e-commerce logistics provider Delhivery reached a $1.6 billion valuation in a funding round led by SoftBank Vision Fund in March.
Following the transaction, Alibaba will hold a 26.3% stake in BigBasket, with Mirae taking a 5.3% holding and CDC maintaining its 3.5% share. The Chinese internet giant led BigBasket’s previous funding round last year, joining Abraaj Group, the International Finance Corporation (IFC), and Sands Capital to commit $300 million.
BigBasket was founded in 2011 and operates on an inventory-led model, sourcing products directly from farmers and manufacturers and delivering from central collection points. Its product offering includes fresh and packaged foods, as well as home goods such as cleaning supplies. The company has the backing of domestic VC firms such as Helion Venture Partners and Zodius Capital, as well as global investors like Bessemer Venture Partners.
Since last year BigBasket has been working to expand its offering into hyperlocal delivery through the acquisition of Morning Cart and RainCan, which operate milk delivery services in Bangalore and Pune respectively. BigBasket plans to help both companies expand into more categories of fresh food and home goods. The company also purchased Savis Retail, owner of a chain of smart vending machines in Bangalore.
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