BigBasket’s parent company, Supermarket Grocery Supplies Pvt. Ltd., has received $150 million funding in a series F funding round. The latest funding has taken the company’s valuation beyond $1 billion, adding a new entity to the coveted unicorn club of companies.
The funding round for the Bengaluru-based company was led by Mirae Asset Global Investments, South Korea along with CDC Group, a development finance institution of the UK government, and the existing investor, Alibaba Group.
As per the official statement by the hyperlocal grocery brand, the funds raised in the latest funding round will be used to induce further growth of the company in the existing market, expand its supply chain, and create reseller channels. The entire supply chain will be redesigned to make deliveries faster to resellers and strengthen BB Instant and BB Daily’s backend supply chain. BB Instant is BigBasket’s vending machines network and BB Daily is a fresh milk and fresh products delivery system.
BigBasket, which was started in 2011, is currently operational in 10 metropolitan cities and 15 tier-II cities. The platform offers more than 19,000 products and over 3,000 brands in vegetables, fruits, beverages, meat, staples, and personal care.
Sources: Live Mint and Your Story