India: BigBasket closes $150m round led by Mirae Asset, Alibaba, CDC

Photo: Reuters

Online grocery platform BigBasket has become the latest startup to join the country’s unicorn club after closing a $150-million funding round led by Mirae Asset-Naver Asia Growth Fund, China’s Alibaba, and UK’s CDC Group, The Economic Times reported.

Unicorn is a moniker used for privately-held startups that are valued at $1 billion or more.

The development comes less than two weeks after CDC Group, the UK’s development finance institution, announced that it has invested $40 million in homegrown grocery delivery firm. Korea’s Mirae Global Asset Investments has injected about $60 million in Supermarket Grocery Supplies Pvt. Limited (SGSPL), which owns and operates BigBasket, while existing investor Alibaba has pumped in about $50 million in the financing round, as reported by DEALSTREETASIA in March.

In 2012, CDC indirectly invested in SGSPL, through its Ascent India Fund III.

Founded in 2011, BigBasket is headquartered in Bengaluru and is present in 25 cities and towns across India. The startup sells everything from fresh leafy greens to kitchen mops, spice mixes and savoury Indian tea-time snacks.

Of the total financing raised in this round, BigBasket has allocated $100 million in capital expenditure to build infrastructure, technology and supply chain, the report said. The company targets to breakeven in the next 6-8 months once it hits the $800-million revenue run rate, it added.

Besides, the newly secured funds will also help BigBasket compete with Grofers, Swiggy, Flipkart and US-based Amazon that are aggressively pushing into the grocery retailing business.

BigBasket had completed the acquisition of three ventures — RainCan, Morning Cart, and Kwik24 — by October last year.

Also Read:

Mirae Asset, Alibaba lead $150m funding in Indian online grocer BigBasket

Online grocer BigBasket completes 3 acquisitions in less than six months: Report

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.