BackBigBasket.com raises `325 crore from Bessemer Venture, others
The company is in talks to raise another $150 million to fund expansion
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Bengaluru: SuperMarket Grocery Supplies Pvt. Ltd, which owns online grocery store BigBasket.com, has raised 325 crore from existing investors Bessemer Venture Partners, Helion Venture Partners, Zodius Capital, Ascent Capital and LionRock Capital. The company is in talks to raise another $150 million to fund expansion.
Chief executive Hari Menon confirmed the development, first reported by The Times of India on Wednesday.
According to retail advisory firm Technopak, Indians spend around $370 billion a year on food and groceries.
BigBasket is present in six cities—Bengaluru, Hyderabad, Chennai, Delhi, Pune and Mumbai—and will expand to 50 more by the end of this financial year. The 50 new locations will be categorized into clusters, each comprising 5-6 cities around six central locations. Products will be transported to the clusters every day from the central locations.
Co-promoted by K. Ganesh and his wife Meena Ganesh, BigBasket is the most well-capitalized among domestic online grocers. The company had raised about 370 crore from Helion Ventures, Zodius Capital, Ascent Capital and LionRock Capital in a sector that has attracted more than 750 crore from investors in the past 18 months.
Grofers, an app-based service, has raised more than 270 crore in 2015 while ZopNow and PepperTap have raised 62 crore each. The space is expected to become even more competitive with taxi-hailing services Ola, which has raised more than 3,700 crore since October last year, launching a pilot for its grocery business in early June.
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