Might 07, 2019
Grocery store Grocery, which manages and operates the Indian grocery supply startup BigBasket, has raised $ 150 million in a spherical of financing led by the South Korean Mirae Asset-Naver Asia Progress Fund, the UK CDC Group and the present investor Alibaba
In keeping with stories, this spherical has elevated the corporate's valuation to greater than $ 1 billion, LiveMint reported.
Massive Basket plans to make use of the newly infused funds to deepen its presence in current markets with improvement in its first mile, increasing provide chain capabilities and growing new distribution channels.
"We’ve a singular alternative to construct one of many largest grocery companies within the nation and we hope that the capital raised on this spherical will proceed to permit us to do precisely that," stated VS Sudhakar, co-founder of BigBasket. Quoted as saying.
This funding additionally marks the biggest funding of Mirae Asset Monetary Group within the Web sector of India. The corporate invests in life, securities and enterprise capital insurance coverage, and has change into one of many world's largest buyers in rising market fairness. As of December 2018, they managed belongings for a complete worth of $ 128.5 billion.
"Massive Basket gives a transformative and handy expertise to its shoppers, which makes it a most well-liked grocery store platform," stated Ashish Dave, chief funding officer of India for Mirae Asset International Investments. "As India strikes in direction of organized retailing that gives standardized gives high quality, consolation and velocity within the purchasing expertise, we firmly imagine that the Massive Basket model will proceed to outline this section as a class chief."
Massive Basket final raised $ 300 million in February 2018 as a part of its E-series financing, led by the Alibaba Group. This spherical, which additionally included a component of secondary actions, gave the corporate a post-money valuation of US $ 850 million.
Massive Basket competes with the likes of Grofers backed by SoftBank, Flipkart backed by Walmart and Amazon. The funding will assist Massive Basket struggle these firms which have deep pockets and have been rising aggressively on this sector.
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