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The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

April - 2012 - issue > Venture Beat

BigBasket.com Eyes Expansion with Rs. 50 Crore funding

SI Team
Tuesday, April 3, 2012
SI Team
Bangalore based online grocery store BigBasket.com has secures Rs. 50 crore in funding from Ascent Capital. The funds would be used for expansion as the company plans to mark its presence in Delhi, Mumbai, Chennai, and Hyderabad by the end of the year. As part of the investment Raj Kondur, Director, Ascent Capital has joined the board of Directors.

The company was founded in 2011 by Vipul Parekh, Hari Menon, Abhinay Choudhari, and VS Sudhakar. The team had earlier founded FabMart.com and then established Fabmall-Trinethra (Aditya Birla Group bought Trinethra in 2006 and currently operates in the name ‘More’). It sells over 6,000 products in various categories like Fruits & Vegetables, Grocery & staples, Bread Diary & Eggs, Beverages, Personal Care, Household, Confectionery, and Meat. It also offers cash on delivery option, along with online and phone base ordering options.

According to Kondur, he is delighted to work with BigBasket to establish a leading position in the grocery retail business in India which is a $160 billion opportunity. Having backed the same team in Fabmart.com, he has complete confidence in their ability to deliver an unparalleled retail option for the consumer’s grocery needs.
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