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.