Bigbasket is raising $150 Million (Rs.1070.20 Crore) funding in recent funding round.
Bigbasket is forwarding towards pre-money valuation company to $1 Billion.
Bigbasket plans to have 45% overall sales from its private labels whose contribution is now approx only 34%.
Bigbasket has raised a total $885.7 Million till now with 13 funding rounds.
Supermarket Grocery supplies private limited owner of Bangalore-based hyper-local grocery delivery firm, Big Basket is raising $150 Million (Rs. 1070.20 Crore) funding that it making it closer to pre-money valuation company to $1 Billion.
In February 2018, grocery e-tailer Bigbasket closed a $200 Million round funding by Alibaba group. It followed with a $100 Million secondary component in the deal with Sand Capital, IFC and Abraaj capital.
According to sources familiar with investment, “Its recent funding of $150 Million is raised by existing backer Alibaba with involvement of some new investors CDC Group, A UK government-owned organization and South Korea’s Mirae assets global investments. Alibaba is expected to pump in $50 Million in Bigbasket.” The funding round values e-tailer giant at $1 Billion pre-money thus making it first Indian start-up to participate in Unicorn club in 2019.
As per Inc42’s Annual Indian Tech startup funding report, Bigbasket is one of the top 34 startups of India that is going to join Unicorn club of $1Billion by 2020. Till now Bigbasket has done enormous funding. It has raised a total $885.7 Million till now with 13 funding rounds. Its main investors include Helion Venture Partners, Chinese Conglomerate Alibaba, Bessemer Venture Partners, Abrraj groups, Lion Rock Capital, IFC, and new investors CDC group and Mirae assets global investments. Currently, Alibaba holds about 24% stack in Bigbasket, Abraaj group at 16.2%, Ascent Capital holds 15.5% stack and founders and promoters holding 11% company stack.
On putting a glance over to the history of Bigbasket it was launched in 2011 by VS Sudhakar, VS Ramesh, Hari Menon, Abhinav Chaudhari, and Vipul Parekh. The company plans to touch 1$Billion gross sales.
Bigbasket is focusing on its in-house brand Fresho for idli, dosa, and Vegetables; Royal and popular for staples and Tasties for snacks. This move has made Bigbasket self-dependent and it plans to have 45% overall sales from its private labels whose contribution is now approx 34%.
The company has acquired milk delivery startups Morning Cart and Rain Can make an entry into micro delivery space. Bigbasket is trying to become a Unicron in food e-tailer services. Stay tuned with us for the latest updates!
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