Insta
BigBasket In Talks With Investors To Raise $300-400 Million Which Will Make It India’s Eighth Unicorn
A BigBasket advertisement (Facebook)
The online grocer BigBasket is in negotiations with potential new investors to raise $300-400 million in a deal which is likely to value the company at $1.5 to 2 billion Mint reports.
BigBasket is planning to use the funds to expand its footprint and acquire smaller firms to strengthen its core business and also foray into beauty products and meat. If BigBasket manages to close a new round of funding at a valuation of $1.5 billion, it will catapult to become one of India’s unicorn club-startups that are valued at $1 billion and above. Seven Indian companies are currently in that club.
BigBasket is also in talks to acquire its rival Grofers. Backed by Alibaba Group Holdings, this acquisition would enable the combined entity to battle for market share with Amazon and Walmart Inc.- owned Flipkart in India’s online grocery market.
BigBasket had earlier raised $150 million from funds like Abraaj Capital, Sands Capital and International Finance Corp, making it the most well funded grocery startup in the country.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
