India’s largest online grocery delivery firm Bigbasket has raised fresh $150 million from South Korean firm Mirae Asset, China’s Alibaba and the U.K. ‘s CDC Group.
The board of SuperMarket Grocery Supplies Pvt. Ltd, which owns online grocer BigBasket, has approved $150-million fundraise from existing investor Alibaba Group, according to its filing with the Registrar of Companies (RoC). The U.K. government-owned CDC Group, known for its investments in Africa and South Asia, will put in another $40 million. South Korea’s Mirae Asset Global Investments will plough $59.9 million.
BigBasket will issue 100 equity shares at $11.43 apiece, and one million compulsory convertible preference shares at $114.29 each.
The latest fund-raise will increase the valuation of Bigbasket comfortably to $1+ billion making the Bangalore headquartered startup newest unicorn and second startup to enter billion-dollar club in 2019 after Delhivery.
The funding comes a month after its rival Grofers raised $60 million at a valuation of $400 million.
Post this latest fund raise, Alibaba will continue to be the largest shareholder in Bigbasket with around 26.2% stake, followed by Abraaj Group at 16.2% and Ascent Capital at 15.5%. BigBasket’s co-founders — Abhinay Choudhari, Hari Menon, Vipul Parekh, VS Sudhakar — together with the employee stock ownership plan will hold around 10% stake in the company.
So far, Bigbasket has raised a total of $1.1 billion in funding over 13 rounds. Prior to this, the company has raised $300 million in last month.
Source – Bloomberg Quint, VC Circle
Top Image – Hindustan Times
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