BigBasket.com, a Bangalore based online grocery store has got USD 32 million in funding led by Helion venture Partners and Zodius. BigBasket CEO V S Sudhakar said that “The capital raised would be used to expand operations to top 10 cities by December 2015, even as Mukesh Ambani’s Reliance Industries Ltd prepares for an e-commerce entry through online grocery sales.”
Existing investors Ascent Capital and LionRock capital, a Singapore based fund floated by former Goldman Sachs banker Hari Kumar, participated in the latest round of funding.
Recently, it had raised USD 10 million funding in its first round from private equity firm Ascent Capital. BigBasket.com had been founded by VS Sudhakar, Hari Menon, Vipul Parekh, VS Ramesh and Abhinay Choudhari. This year, it had secured another two rounds of funding such as USD 33 million in June and USD 3 million in April in an undisclosed round.
Bigbasket.com covers categories such as Staples & Provisions, Fresh Fruits & Vegetables, Toiletries, Branded Food & Non-Food products, Bread & Bakery Products, Dairy Products, Frozen Foods such as Ice Creams & many more. According to BigBasket, the company’s orders have doubled every month since its launch.
Currently, it is having operations in Bangalore, Mumbai, and Hyderabad and also plans to enter Pune and NCR by the end of this year, as per TOI report.
BigBasket.com has been founded by VS Sudhakar, Hari Menon, Vipul Parekh, VS Ramesh and Abhinay Choudhari.
The team has both offline and online retail experience as they had set up India’s first e-commerce site FabMart.com in 1999, and then established the Fabmall-Trinethra chain of more than 200 grocery supermarket stores in southern India. It is having a customer base of more than 1.5 lakh customers and receives 5,000 orders per day and is growing at a rate of more than 20% month-on-month.
In early 2007, it backed IT firms such as Zylog Systems, SemanticSpace and Spanco. Also, this funding comes at a time when Reliance has announced plans to enter online grocery space.