India's Grocery Unicorn Big Basket Raises $150Million from Alibaba, CDC & Mirae
Bangalore-based online food and grocery store owned by Super Market Grocery Supplies Pvt. Ltd., Big Basket raised $150 million in a fresh round of funding. Out of this $150 million, $100 million will be used towards improvisation of supply chain management, investing in new technology and cost reduction.
Mirae Asset-Naver Asia Growth Fund Pvt. Ltd., CDC Group (investment firm owned by UK Government) and Alibaba are the major investors in this round. Once the transaction is complete, Alibaba with hold 26.26 percent stake in Big Basket, Mirae Naver will own 5.31 percent stake and CDC Group 3.54 percent of stake.
Founded in 2011, Big Basket ?has earned the Unicorn title in a very short span of time when it rasied $300 million in Series E round of funding led by Alibaba this February.
Spread over ten metro cities and fifteen two tier cities, the company offers a wide variety of 13,000 brands and 19,000 products across categories such as vegetable, fruits, meat, beverages and personal care, which has been included recently where initially it was only into grocery. Big Basket has even started to supply the hotels, restaurants and the offline stores, where as the main revenue earner still continues to be the e-Commerce section.