BigBasket seeks govt’s approval for Rs100 crore FDI
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New Delhi: Online grocery store BigBasket has sought government’s approval to infuse Rs100 crore foreign direct investment to further expand its business.
The company, which sells fruits, vegetables and other food products online, plans to use the funds to strengthen backend infrastructure, increasing collection centres and processing units, sources said.
According to a company official, foreign investment of Rs100 crore is sought to be put in by existing investors, including an overseas venture capital fund. As per the current policy, 100% foreign direct investment is allowed in trading of food products, including through e-commerce. But the proposals require approval from the Foreign Investment Promotion Board (FIPB), under the finance ministry.
The government is making efforts to double the food processing level of fruits and vegetables, which currently stands at only 10%. Although company officials did not commit on future FDI, sources said that the firm may attract more FDI soon. PTI