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.
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