Online grocery start-up BigBasket has raised $300 million in Series-E funding which was led by China's Alibaba Group. This is the largest investment raised by the company so far.
"The funds will be directed towards bettering our technological, analytical, and infrastructural prowess, all of which will enable the company to move up the curve," company co-founder Hari Menon said.
BigBasket to use funds to upgrade tech, expand supply chain
The deal, which was widely anticipated and in talks for over a few months now, is expected to provide the hyper-local delivery firm with adequate resources to continue being the top player in the market.
BigBasket will use the funds towards supply chain expansion, collaborating with farmers as new sourcing channels, upgrading its technology, and expanding the customer base.
BigBasket to partner with 1,800 farmers
"BigBasket is currently partnering with about 1,800 farmers throughout the country and aims to become the 'most preferred partner' for up to 3,000 of them," co-founder and chief executive Hari Menon said.
Other investors include Sands Capital, International Finance Corp
Besides Alibaba, other investors in the funding round included Sands Capital, International Finance Corporation, and Abraaj Capital which is a Dubai-based private equity firm.
Earlier in March 2016, these three investors had also provided BigBasket with a total of $150 million in funds.
Other regular investors in the company include Helion Venture Partners, Bessemer Venture Partners and Ascent Capital.
BigBasket sells items worth Rs. 200 crore every month
The first of its kind, BigBasket had started in 2011 from Bengaluru. In seven years, it has managed to expand into 30 Indian cities.
The company, which provides all sorts of food products and household utilities at your doorstep, claims to sell items worth Rs. 200 crore every month.
It also expects this figure to reach Rs. 500 crore by March 2019.