Online grocer BigBasket has raised Rs 32.65 crore from Helion Ventures Partners III through allotment of 50,000 shares at Rs 6,509.25 apiece on September 27, 2017, according to the filing by promoter company — Supermarket Grocery & Supplies — with the registrar of companies (RoC).
Online grocer BigBasket has raised Rs 32.65 crore from Helion Ventures Partners III through allotment of 50,000 shares at Rs 6,509.25 apiece on September 27, 2017, according to the filing by promoter company — Supermarket Grocery & Supplies — with the registrar of companies (RoC). Other investors of the company include Trifecta Capital, Brand Capital, Bessemer Venture Partners, Ascent Capital, Paytm Mall, Alibaba Group and Abraaj Group, among others. Yet another online grocer, Grofers India, has also raised Rs 96 crore from its Singapore-based parent company Grofers International on September 19, 2017, according to the company’s filing with RoC. The company allotted 269 shares at Rs 1,184,376.62 apiece and 542 shares at Rs 1,183,024.056 apiece. Since inception, Grofers has raised money from investors such as Tiger Global Management, Sequoia Capital, SoftBank Group and Cyriac Roeding, among others.
Both the companies have received the government’s nod for foreign direct investment (FDI) to undertake retailing of food products. In July, Grofers had secured an approval from the department for industrial policy and promotion (DIPP) to undertake retailing of food by way of opening stores or online. Grofers had applied for the approval in August 2016. To expand its market, the company has committed an investment of Rs 260 crore in addition to its initial commitment of Rs 3-crore investment to the government, according to Albinder Dhindsa, CEO of Grofers. “With trading of food products, Grofers will now be able to reduce wastage and create a direct line from farmers in the food supply chain,” the company said in a statement.
In August, BigBasket also secured a licence for FDI in food retail. The company will spin off a new entity for food products manufactured or produced in India. BigBasket had committed an investment of around Rs 100 crore at the time of applying for the new venture in September 2016. Amazon India, too, got the approval to invest $500 million in India’s online food retailing market. Grofers, BigBasket and Amazon have committed a total investment of about $695 million under FDI over a period of time with the DIPP.