wordpress blog stats
Connect with us

Hi, what are you looking for?

BigBasket secures Rs 32.65 crore from Helion Venture Partners: Report

Bangalore-based online grocery store, BigBasket has raised Rs 32.65 crore from Helion Venture Partners, reports Financial ExpressThe funding has been raised through allotment of 50,000 shares at Rs 6,509.25 each on September 27, 2017, according to the company’s registrar of companies (RoC) filing. Other existing investors like Trifecta Capital, Brand Capital, Bessemer Venture Partners, Ascent Capital, among others also participated in the round. MediaNama has reached out to BigBasket for statement on this development, we will update as soon as we hear back from them.

Big Basket’s Previous Fundings and Highlights

This month, BigBasket raised Rs 5.5 Crore from its existing investor Trifecta Capital. The round was reportedly an extension of its previous funding of Rs 45 crore from the investors in March this year, to meet the capex requirements of the company, including setting up new warehouses, strengthening the cold chain and setting up facilities for reprocessing of fruits and vegetables.

In March 2016, BigBasket raised $150 million in a round of funding led by Abraaj Group with participation from International Finance Corporation and Sands Capital among others, and existing investors including Bessemer Venture Partners, Helion Advisors, Zodius Capital and Ascent Capital.

In August 2015, the company raised $50 million in a round of funding from Bessemer in August last year. At the time, the startup appointed Citigroup to help raise an additional $150 million from a new set of investors. In September 2014, BigBasket raised Rs 200 crore investment. Prior to that, BigBasket had raised $10 million from Ascent Capital in March 2012. GrowthStory’s Meena and K Ganesh had also invested in this venture.

In August, Bigbasket got approval of foreign direct investment (FDI) from Indian government, which enables the company to retail food products manufactured and produced in India. For this. BigBasket has committed investment to the tune of Rs 100 crore. Note that BigBasket’s rivals Grofers, and Amazon India ($500 million) also received FDI approval in July.

Advertisement. Scroll to continue reading.

Competition

Note that, online grocer Grofers too has raised funding of Rs 96 crore from its Singapore-based parent company Grofers International at the same time. The fresh funding may revive Grofers, as in January 2016, Grofers shut down its services in 9 cities citing low acceptance. The company had expanded to these Tier II cities, including Ludhiana, Bhopal, Kochi, Coimbatore and Visakhapatnam in September 2015. Grofers, however, relaunched operations in Ludhiana, Bhopal and Kochi along with several other cities in January 2017 and is currently live in 26 cities.

Another big ecommerce player Flipkart reportedly decided to give online grocery delivery another try in July this year, as the company launched a grocery delivery service in Bangalore on a pilot basis. Flipkart had earlier shut down its earlier service Flipkart Nearby in February last year, nearly 5 months after its launch.

Besides Amazon’s $500 million investment commitment in food retail, the Department of Industrial Policy and Promotion (DIPP) had also approved Amazon’s plans to stock and sell local grocery produce online. Amazon operates its grocery service online via Amazon Pantry, a service which delivers household items and grocery with presence in 34 cities . On the other hand, the grocery delivery service KiranaNow (Amazon Now), which was launched in Bengaluru last year, is currently available in Delhi-NCR, Mumbai, Bangalore and Hyderabad.

Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ