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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.

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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.

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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.



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