India Digest: Medlife raising debt; BigBasket merges two core businesses

An employee weighs tomatoes after packing them at a BigBasket warehouse on the outskirts of Mumbai November 4, 2014. REUTERS/Danish Siddiqui/Files

Medlife is close to raising Rs 400 crore in debt from its existing investor Prasid Uno Family Trust. BigBasket, in a separate development, has undertaken an internal restructuring exercise to merge its two core businesses to target deliveries under four hours.

Medlife raising debt from Prasid Uno Family Trust

Medlife, an omnichannel pharmacy platform headquartered in Bengaluru, is close to raising Rs 400 crore in debt from its existing investor Prasid Uno Family Trust, according to a report by Entrackr.

The company, that claims to be getting 20,000 orders a day, has also been in talks with Japan’s SoftBank and Cipla to garner $150 million.

Prasid Uno Trust is set to invest the amount with an option to convert into convertible redeemable preference shares, the report added revealing RoC filings.

This marks the second round of funding for Medlife from Prasid Uno Family Trust in less than six months.

BigBasket merges two core businesses

Bengaluru-based grocery delivery startup BigBasket, owned and managed by SuperMarket Grocery Supplies Pvt. Ltd, has undertaken an internal restructuring exercise to merge its two core businesses – its on-demand 90-minute delivery and planned next-day orders – per a report by The Economic Times.

The move will have help facilitate deliveries under four hours. Experts say this is especially pertinent in today’s age when there is immense competition from e-commerce players such as Amazon and Flipkart and food delivery company Swiggy – all of which have established their presence in the grocery segment.

Launched in 2011, BigBasket has over 10 million registered customers and has been processing over 1 Lakh orders per day across 25 cities across India.

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.