Online grocery platform BigBasket has raised about $150 million from South Korea’s Mirae Asset Management, UK’s CDC Group, and existing investor Alibaba, according to regulatory filings.
BigBasket had raised $300 million in February last year from Alibaba and others. In November, it had said it was looking at raising fresh funds of up to $200 million.
Mirae has pumped in about $60 million, while CDC and Alibaba have infused $40 million and $50 million, respectively, according to documents filed with the corporate affairs ministry.
The grocery segment accounts for a significant portion of the unorganised retail segment in the country. With people becoming comfortable buying even milk and bread online, the online grocery market is projected to witness strong growth over the next few years in India.
BigBasket’s competitors include SoftBank-backed Grofers, Walmart-backed Flipkart, Amazon and a host of smaller players.
BigBasket has previously stated that it aims to garner $2.5 billion (around 17,500 crore) in revenue by 2020, from a revenue run rate of over about ₹2,500 crore currently. Walmart-backed Flipkart is also betting on grocery as one of the key focus areas for the company and believes this segment would play an important role in getting access to the next 200 million customers.
Source: Mint