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

BigBasket founder Hari Menon. Photo: Mint

Online grocer BigBasket, which is operated by SuperMarket Grocery Supplies Pvt. Ltd, is raising about $150 million in fresh funding from investors including South Korean firm Mirae Asset and Chinese e-commerce giant Alibaba.

UK government-backed development finance institution CDC Group will also contribute to the round.

According to a Ministry of Corporate Affairs filing sourced by paper.vc, Alibaba Group will subscribe to 437,500 Series F compulsory convertible preference shares (CCPS) for $50 million, while Mirae Asset will be allotted 524,990 CCPS at a value of $114.29 per share, or $59.9 million.

CDC will pick up 350,000 CCPS in the company for $40 million.

With the latest financing, the startup will attain a valuation of $2-2.3 billion, according to TechCircle estimates.

BigBasket had reportedly achieved the unicorn status in February last year when it raised $300 million in a Series E funding round led by Alibaba Group, with participation from Sands Capital, International Finance Corp. (IFC) and Dubai-based private equity investor Abraaj Capital. It had previously raised $150 million from Sands Capital, IFC, and Abraaj Capital in 2016.

Founded in December 2011 by CEO Hari Menon and four other entrepreneurs, the Bangalore-based startup sells everything from fresh leafy greens to kitchen mops, spice mixes and savoury Indian tea-time snacks.

According to an October Mint report, the online grocer was looking to raise about $300-400 million in fresh funding to expand across major metros in the country, buy smaller startups and expand into new categories such as beauty products and meat.

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

Also Read:

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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.