BigBasket.com, a Bengaluru-based online grocery store is in final talks to raise around USD 15-16 million (about INR 100 Cr) from Silicon Valley-based Bessemer Venture Partners. This fresh round of funding is expected to valued the company at INR 1,400 crore.
As per an ET report, the raised funding will be used to expand its food services to more cities. In September 2014, the firm had raised USD 32 million in funding led by Helion venture Partners and Zodius. Previously, 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. Last 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.
Currently, it operates in Bengaluru, Mumbai, Hyderabad and Pune, also plans to enter Delhi and Chennai in the coming months. 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 Creamsetc.
Several brick-and-mortar retailers like HyperCITY, Spencer’s, Reliance and Trent have also been expanding in grocery etailing.
Image Source: bigbasket.com