Online grocer BigBasket has raised $50-60 million in a bridge round led by Alibaba and other existing investors, according to four people familiar with the matter. This comes after the Bengaluru-based firm has been looking to raise fresh capital for about 8-10 months but was not able to do so.
“The round materialised about two weeks ago. It’s a much-needed capital for BigBasket that has been witnessing a surge in demand due to Covid-19,” said one of the people cited above requesting anonymity. “Other existing investors including Mirae Asset and CDC Group also participated in the round.”
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