BigBasket to raise $149 million from Alibaba, others; valuation hits $2.2 billion

Updated: March 29, 2019 9:50:47 AM

The Bengaluru-based firm posted a 34.54% rise in revenue to Rs 1,583.15 crore for the year ended March 2018.

Big Basket, Alibaba, China, SoftBank Vision Fund, Grofers,  CDC Group, Alibaba.com, Singapore e-commerceThe Bengaluru-based firm posted a 34.54% rise in revenue to Rs 1,583.15 crore for the year ended March 2018.

Asmita Dey

As the competition in the e-grocery segment gets more intense, online supermarket BigBasket is raising around $149 million from investors led by existing backer China-based Alibaba, valuing the firm at an estimated $2.28 billion, according to documents sourced from business signals platform paper.vc.

The Bengaluru-based firm posted a 34.54% rise in revenue to Rs 1,583.15 crore for the year ended March 2018. The company’s FY18 losses narrowed by 52.51% to Rs 310 crore.  Earlier this month, Gurgaon-based Grofers raised close to $60 million in fresh funding led by SoftBank Vision Fund, valuing the firm at an estimated $424.84 million.

BigBasket that sells fresh vegetables and fruits to packaged foods has recently forayed into the beauty segment. According to market intelligence provider Kalagato, BigBasket commanded 35.2% of the online grocery market as of March 2017, followed by Grofers at 31.5%.

The investment in BigBasket has been made by Alibaba.com, Singapore e-commerce and three new investors — Mirae Asset Naver Asia Growth Investment, Mirae Asset GS Retail New Growth Fund and CDC Group — also participated in the round, documents showed.

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