Bangalore-based online grocery store BigBasket.com has raised $150 million (Rs.1,000 crore) from the UAE-based PE investor Abraaj Group, the International Finance Corporation and Sands Capital, besides existing investors Bessemer Venture Partners, Helion Advisors, Zodius Capital and Ascent Capital.
Bangalore-based SuperMarket Grocery Supplies Pvt Ltd, which owns BigBasket, has so far raised funds worth Rs.100 million and aims to raise an additional $20 millionto expand into Tier II cities across India and increase the product range offered to customers.
VS Sudhakar, co-founder of BigBasket, said the company aims to increase the reach of its recently launched one-hour express delivery service. “This coupled with an expansion in our range of private label products will create a solid foundation for growth in both revenue and profitability,” he said.
Abraaj had earlier invested in Aditya Birla Group and acquired a majority stake in Hyderabad-based hospital chain CARE Hospitals. Abraaj is not new to grocery store investments and acquired stake in Turkish online retailer Hepsiburada and Dubai-based mobile application taxi service Careem in the past.
Founded in 2011, BigBasket in Bangalore, is currently present in 8 metros and 10 Tier II cities. It sells 19,000 products belonging to 1,000 brands, including fruits, vegetables, meat, beverages and personal care products.
Its online website BigBasket.com gets 5 million monthly unique visitors and says it has more than a million orders per month. Its opponents include Grofers and PepperTap which are raising similar funding from SoftBank, Tiger Global and others globally.