Here’s why Bigbasket raised $300 million from market

By: |
Published: February 2, 2018 6:08:31 PM

Bigbasket is planning to dig deeper into the cities it is present already, he said. Bigbasket claims to have crossed 8 million customers. It has also strengthened its B2B business by expanding to hotels, restaurants, and caterers the (HoReCa) segment and partnering with mom-n-pop stores.

Stocks, dollar, global equity market, Facebook, AT&T, eBay, PayPalBigbasket, the online grocer has raised 0 million in a new funding round led by Chinese e-tailer giant Alibaba . (Reuters)

Bigbasket, the online grocer has raised $300 million in a new funding round led by Chinese e-tailer giant Alibaba and others. The company plans to use the money to build farmer networks, expand deeper into existing cities, and to hire new hands, the company said in a statement today, adding it employs 16,000 currently.  The domestic retail market is worth over $900 billion and groceries account for about $600 billion of it. “Bigbasket is delighted to receive this funding from Alibaba, which will essentially be directed towards growth and consolidation by bettering our technological, analytical, and infrastructural prowess,” Hari Menon, its chief executive and co-founder said.

The Indian online restaurant search and food delivery platform Zomato has raised $200 million in an investment round led by Jack Ma’s Alibaba Group, it said in a statement. The latest round has been led through Ant Small and Micro Financial Services Group, a subsidiary of Alibaba, which operates Paypal-like platform Alipay, Zomato’s parent company Info Edge India Ltd said in a BSE filing.

The deal, which is an amalgam of primary and secondary share transactions will see Alipay invest $150 million as primary capital. While the existing investor Info Edge will dilute its holding by 6.6 percent in the company.

“Post the aforesaid fundraise by Zomato, Info Edge’s aggregate shareholding in Zomato shall be about 30.91% on a fully converted and diluted basis,” the statement said.Alibaba is expected to own around 26% stake in Zomato after the $200 million sale via primary and second transactions.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.