BigBasket Raises Fresh $40 Mn from CDC Group of UK Govt at Valuation of $1.2 Bn

Online grocer BigBasket has raised fresh $40 million from CDC Group, the UK government's development finance institution, reported LiveMint today.

The investment is part of a bigger round of $150 million that BigBasket is raising at a valuation of $1.2 billion, making it the latest entrant to India's coveted unicorn club of startups.

The investment in Supermarket Grocery Supplies Pvt. Limited, which owns and operates BigBasket is along with an investment of about $60 million from Korea’s Mirae Global Asset Investments, another new investor as well as existing backer- China’s Alibaba investing $50 million, according to documents filed with the Registrar of Companies (RoC), and media reports.

“We will help the organization support the economic empowerment of its local supplier farmers as it guarantees fair pricing and provides production and quality crop training," CDC’s statement said. “Our capital will directly contribute to a substantial projected increase in smallholder farmers supplying the Bigbasket brand, thereby boosting local income creation and living standards," it added.

Although the CDC Group has been investing in India for over 30 years, the BigBasket deal marks CDC’s first deal in the Indian startup ecosystem.

Srini Nagarajan, Managing Director and Head of Asia at CDC India Advisers, said "Key to CDC’s investment approach is creating a meaningful difference in people’s lives. This is done by backing businesses that fuel job creation to support economic empowerment within communities. This is the reason behind CDC’s investment in SGSPL and brand BigBasket"

CDC, which is one of the largest institutional investors in Indian PE funds and with commitments of over $1.7 billion since 2004 CDC has invested over $1.3 billion in India since 1987.

In the Indian renewable space, it has invested $25 million in IDFC Alternatives-backed clean energy firm Green Infra in November 2013. In April 2017, CDC announced an investment of up to $100 million to support the development of renewable energy projects in India.

The above news was first published at LiveMint

AI-focussed VC Fund pi Ventures Gets $6 Mn from UK Govt.'s CDC Group

The UK Government's development finance institution CDC Group plc has invested USD 6 Mn in pi Ventures, India’s first Applied Artificial Intelligence and IoT focused early stage venture fund. The amount will be used to invest in startups with deep tech capabilities that have the potential to disrupt sectors and facilitate a lasting change in businesses and lives.

CDC Group plc aims to increase capital flows to underdeveloped markets so countries can finance their way out of poverty. Their focus is to find talented teams and cohesively grow great businesses in Africa and South Asia. CDC’s unique structure combines the best of private sector skills with a public-spirited mission. Their focus sectors to invest include financial services, infrastructure, health, manufacturing, food and agriculture, construction and real estate, and education, typically that which will lead to the economic growth of a country.

Alagappan Murugappan, Managing Director, Head of Intermediated Equity, South Asia, CDC Group plc, said, “We are pleased to be supporting pi Ventures for its AI-focused fund. This allows our capital to support early-stage companies that are innovating through technology to provide affordable goods and services at scale in areas such as healthcare among others.”

pi Ventures announced their second close in January this year at $25mn and the fund is expected to announce their final close shortly. Key contributors to the fund include Chairman of Hero Enterprise Sunil Kant Munjal, Electronic Development Fund (managed by Canbank Ventures), SIDBI, prominent family offices from USA, Canada, Singapore & India and leading entrepreneurs like Mohandas Pai, Binny Bansal, Deep Kalra, Sanjeev Bikchandani and Bhupen Shah among others. The fund is co-sponsored by In Color Capital of Canada.

Manish Singhal, Founding Partner, pi Ventures added, “CDC’s confidence fuels our vision to find, fund and support the best teams who are using Artificial Intelligence to solve real world problems. We are very happy to have their support and backing”.

pi Ventures has announced 6 investments so far - invested in SigTuple (revolutionising global healthcare space through data driven intelligence), NIRAMAI (non-invasive, non-touch, non-radiation approach to detect breast cancer), ten3T (medical grade wearable device), Zenatix (data-driven energy efficiency company acquired by Hero Electronix), CustomerSuccessBox (customer success platform which helps B2B SaaS companies reduce, churn and grow their recurring revenue by applying AI and ML) and Locus.sh (logistics optimisation platform).

The 70-year old CDC Group has been investing in India for over 30 years and has already made 595 investments across sectors.

CDC Group plc is the UK’s development finance institution. Wholly owned by the UK Government, it invests in Africa and South Asia with the aim of supporting economic development to create jobs. CDC has net assets of £5.1bn.

In May of last year, International Finance Corporation (IFC), a part of the World Bank Group, had invested $3 million in pi Ventures’ maiden fund.

pi Ventures is India’s first Applied Artificial Intelligence, Machine Learning & IoT focused early stage venture fund, founded by Manish Singhal (Ex Co-founder & CEO, LetsVenture and prominent angel investor) and Umakant Soni (Ex Director India, Science Inc & Co-founder AI BOT company). Backed by some of the leading entrepreneurs globally, pi Ventures brings hands-on product and entrepreneurial experience to the Indian venture investing ecosystem. pi Ventures focuses on healthcare, logistics, retail, fintech and enterprise sectors.

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