Indian online grocer BigBasket raises Millions for next Phase
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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.
Questions & Answers
Q.Which specific investors contributed to BigBasket's latest funding round?
Which specific investors contributed to BigBasket's latest funding round?
South Korean Mirae Asset Management provided about $60 million, the UK’s CDC Group contributed $40 million, and existing investor Alibaba added approximately $50 million. These amounts total the $150 million raised by BigBasket.
Q.How much investment capital has BigBasket secured in total, considering its most recent and previous funding rounds?
How much investment capital has BigBasket secured in total, considering its most recent and previous funding rounds?
BigBasket has now raised approximately $450 million in total from its specified funding rounds. This includes the recent $150 million and $300 million received in February of the previous year from Alibaba and other investors.
Q.What is BigBasket's revenue target for the upcoming year, following this new investment?
What is BigBasket's revenue target for the upcoming year, following this new investment?
BigBasket aims to achieve revenues equivalent to $2.5 billion by next year. This ambitious target follows their recent capital injection and ongoing expansion in the burgeoning Indian online grocery market.
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