Online grocery delivery firm BigBasket has closed a USD 150 million Series F round, taking its valuation to around USD 2.3 billion. The company has presence in 32 cities and clocks annual revenue of Rs 350-400 crore.
Chinese e-commerce giant Alibaba (USD 50 million), Korean financial services group Mirae Asset (USD 60 million), and CDC Group (USD 40 million) participated in the round. At present, Alibaba has 26.26% stake in BigBasket, Mirae Asset has 5.31% and CDC holds 3.54% shares.
“Following this Series F investment led by Alibaba, our estimate of the post-money valuation of BigBasket is USD 2.28 billion. We also believe that the company is likely raise more money as part of this financing round,” Vivek Durai, founder at Paper.vc, told Business Standard.
In February 2018, BigBasket operator Supermarket Grocery Supplies closed a USD 200-million round led by the Alibaba Group.
Hari Menon, V S Sudhakar, Vipul Parekh, Abhinay Choudhari, and V S Ramesh founded BigBasket in 2011. The Bengaluru headquartered company is the market leader in the grocery delivery sector. The company has over eight million customers and aims to work directly with 3,000 farmers to source produce.
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 major competitors of BigBasket include Flipkart, Amazon India, Paytm Mall, Grofers and Swiggy Store and micro delivery platforms Milkbasket, DailyNinja and Suprdaily.
BigBasket expanded to the HoReCa (Hotels, Restaurants, and Caterers) segment recently. The firm acquired Pune-based hyperlocal delivery startup RainCan and Bengaluru-based MorningCart last year.
Last month, BigBasket’s CEO Hari Menon told Moneycontrol that the firm is on track to generate a revenue of Rs 3,500 crore in FY19.
“We want to scale the milk subscription business and take it to 10 large cities in India and that is going to be our single biggest new customer acquisition channel,” Menon said.
BigBasket is expecting 40% of its projected revenue to come from private labels.