Indian online grocer BigBasket raises Millions for next Phase

Indian online grocery platform BigBasket has raised investment capital of about US$150 million.

The investors include South Korean Mirae Asset Management (at about $60 million), the UK’s CDC Group (at $40 million), and existing investor Alibaba (about $50 million). The investment figures were shown in documents submitted to the Ministry of Corporate Affairs.

BigBasket received $300 million in February last year from Alibaba and other investors and has been discussing seeking further funding since last November. The firm aims to generate revenues of the equivalent of $2.5 billion by next year.

The online-grocery market is burgeoning in India, and accounts for a sizeable proportion of unorganised retail in the country.