Bangalore-based online grocery retailer BigBasket has raised $3 million from a Singapore-based private investor, reports VCCircle. BigBasket co-founder and CEO Hari Menon told the publication this is part of its next investment round, where it is reportedly looking to raise $40-50 million. Sourced told the publication that the firm has also received some investment from media group Bennett Coleman & Co Ltd (BCCL).
The company is about to launch its operations in Delhi NCR, Chennai and Pune, and plans to expand to Ahmedabad and Chandigarh later on. Currently its services are available in Mumbai, Hyderabad and Bangalore.
BigBasket claims to offer 10,000 products across several categories like fruits & vegetables, groceries and staple provisions, bread & bakery products, toiletries, branded food & non-food products, dairy products, household provisions, confectioneries and frozen food such as Ice Creams and others. It also has a fleet of vans and claims to deliver products within six hours of an order being placed by the customer.
The company had earlier raised $10 million from Ascent Capital in 2012. The company had announced then that the funds raised will be used to improve its service and merchandise selection, while increasing its capacity.
Investments in online groceries segment
– In January, another Mumbai-based online grocery store LocalBanya had secured undisclosed Series A funding from a real estate development group Karmvir Avant Group. Prior to this, it had raised investment from BCCL’s Springboard fund last July.
– Bangalore-based ZopNow which has investors like Times Internet, Accel Partners and Qualcomm Ventures and Delhi-based AaramShop which offers online grocery shopping by tying up with mom-and-pop grocery stores for orders.
– Online and telephone business listings service JustDial had also introduced grocery shopping as part of its search plus services last December while HomeShop18 had introduced a food and groceries category last July, which focuses on packaged non-perishable food products.