Bengaluru-based Supermarket Grocery Supplies Pvt Ltd (SGSPL), which owns and operates Bigbasket, has confirmed that it has closed $150 million in its Series F round from South Korea’s Mirae Asset Global Investments, UK Government’s development finance institution CDC Group, and the Alibaba Group.
The latest funding brings the hyperlocal grocery startup's valuation to over $1 billion. This financing deal was first reported by YourStory in March 2019 after accessing the company's filings with the Registrar of Companies (RoC).
In an official statement, Bigbasket said that these funds will be used for SGSPL’s growth into existing markets with more investments in the first mile, scaling-up of its supply chain, and to develop new reseller channels.
Speaking on the development, VS Sudhakar, Bigbasket’s Co-founder, said,
“We have a unique opportunity to build one of the largest grocery businesses in the country and we expect the capital raised in this round to continue to enable us to do just that."
He added that the company is reengineering its supply chain to allow for faster delivery to resellers, scaling up its backend supply chain for BB Daily that delivers fresh milk and other fresh products and BB Instant that creates a network of vending machines.
Founded in 2011, Bigbasket offers the largest online assortment with over 19,000 products and 3,000+ brands across fruits, vegetables, staples, meat, beverages, and personal care categories. It serves resellers across India, and operates in 10 metro cities and 15 Tier-II cities.
Commenting on the investment, Ashish Dave, Head of India Investments, Mirae Asset Global Investments, added,
“SGSPL offers a transformational and convenient experience to its consumers, which makes it a preferred grocery platform. As India moves towards organised retail that offers standardised quality, comfort and speed in the shopping experience, we firmly believe the Bigbasket brand will continue to define this segment as a category leader.”
Recently, Gurugram-based Grofers received nearly $60 million in its Series F round from Masayoshi Son-led SoftBank Vision Fund (SVF). Additionally, Flipkart is reportedly in talks to acquire Bengaluru-based grocery chain Namdhari Fresh, and Amazon acquired a majority stake in Aditya Birla’s retail chain More.
Online grocery startup Grofers, which was last valued at $600 million, is focussing on doubling its sales to Rs 5,000 crore by FY20. The company is also gearing up to hit the capital market with an initial public offer (IPO) within the next three years.
"We have closed FY19 with Rs 2,500 crore in sales. At present, our monthly sales have touched Rs 225 crore, growing at 8.5 percent month on month," Grofers Co-founder and CEO Albinder Dhindsa told PTI.