[Funding alert] BigBasket gets an additional Rs 350 Cr from holding company

Innovative Retail Concepts, which operates online grocery platform Bigbasket, has received Rs 350 crore from holding company Supermarket Grocery Supplies, Economic Times reported citing filings from business intelligence platform Tofler.

BigBasket had received Rs 1,000 crore from its holding company, ET had reported in April. The latest investment was approved on May 24.

The infusion comes months after the online grocer acquired the enterprise business unit of Kochi-based deeptech startup Agrima Infotech. 

BigBasket said it would be implementing Agrima Infotech’s customer vision technology platform, Psyight, at the self-checkout counters at its retail stores.

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Founded in December 2011 by Abhinay Choudhari, Hari Menon, Vipul Parekh, VS Ramesh, and VS Sudhakar, Bigbasket is backed by investors such as Alibaba Group, Mirae Asset Ventures, and Trifecta Capital.

Tata Digital, a subsidiary of Tata Sons, acquired a 64.3 percent stake in Bigbasket in May 2021. 

In April 2022, Tata Group launched its super app—Tata Neu. The super app will bring the services and products of the $103 billion Tata group under one umbrella.

The app already has brands like Air Asia, Bigbasket, Croma, IHCL, Qmin, Starbucks, Tata 1MG, Tata Cliq, Tata Play, and Westside, among others.