Bigbasket raises $150 Million in fresh funding round.
Bigbasket market valuation crosses $1 Billion.
Alibaba holds the highest share in Bigbasket with 2 percent stake, followed by Ascent Capital at 15.5 percent and Abraaj Group at 16.2 percent.
The online grocery market is enhancing with great pace and folks are taking great interest in buying grocery products online. Therefore various startups concerned to online grocery delivery are emerging in the market and attracting mega investors. In the same move, India’s largest online grocery firm Bigbasket has raised $150 Million in fresh funding round. By this fund, Bigbasket makes a successful entry into India’s Unicorn start-up club.
According to a filing with the Registrar of Companies the firm has raised $50 Million from existing investor Alibaba Group and $40 Million from The U.K. government-owned CDC Group, known for its investments in Africa and South Asia and South Korea’s Mirae Asset Global Investments invested $59.9 Million in it.
According to the deal, BigBasket is going to issue100 equity shares at $11.43 per piece and one million compulsory convertible preference shares at $114.29 each. By this fund, it becomes second Indian startup after Delhivery to enter into unicorn’s club in 2019. With this fresh fund, Bigbasket is going to give tough competition to Amazon and Flipkart who are actively focusing to grab grocery market.
Amazon works in grocery deliver segment with its Amazon Pantry and Prime Now and promises customers to deliver products in two-hour delivery for household items and daily essentials.
Previous year Alibaba raised $200 Million in a funding round led by Alibaba. At that moment startup was valued $912 Million. Online grocery giant now delivers 20,000 products from over 1,000 brands. Now Alibaba holds the highest share in Bigbasket with 26.2 percent stake, followed by Abraaj Group at 16.2 percent and Ascent Capital at 15.5 percent. BigBasket’s promoters hold around 10 % including the employee stock ownership plan.
Bigbasket has elaborated its business by adding more categories including beauty and home essential products. The firm also introduced BBstar a subscription plan model to offer faster delivery and discount to its customers. It has also acquired Pune-based milk subscription platform RainCan and Bengaluru-based micro-delivery startup Morning Cart.
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