BigBasket recently entered the much-coveted unicorn club. This news came soon after the $150 million it raised in its Series F round. This move has made the grocery firm India’s first and only online grocer to achieve this status.
Bengaluru: BigBasket recently conducted its Series F funding round and raised $150 million. With this, it has finally become the first and only online grocer to achieve the coveted unicorn status in India. The round was led by led by Mirae Asset- Naver Asia Growth Fund, CDC Group, and existing investor Alibaba.
BigBasket and their Big Plans
The company will invest the newly-generated capital towards growth through further penetration into existing markets. Additionally, they plan to focus more on investments, and on developing new reseller channels.
The firm currently offers more than 20,000 products from 1,000 brands in more than two dozen cities. The company will now deploy the fresh funds into expanding its supply-chain network. They plan on adding more facilities like cold storage centers and distribution centers. This is all intended to serve customers faster.
We have a unique opportunity to build one of the largest grocery businesses in the country in the country. We expect the capital raised in this round to continue to enable us to do just that.
– VS Sudhakar, co-founder, BigBasket.
The firm also plans to expand its services by adding about 3,000 vending machines by June this year. The machine would offer daily eatable items, such as vegetables, snacks and cold drinks in residential apartments and office.
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Due to the high allure and exponential growth rates, the food industry has attracted new players. BigBasket currently competes with the likes of Grofers, Amazon Pantry among others. Huge corporations like Walmart and Flipkart have also recently forayed into the grocery sector. With the increasing competition in this large and extremely complex market, these funds will certainly help the grocery firm hop on further in the race.