BigBasket finalises $60 million funding round

By

Isabelle Crossley

Published
Apr 9, 2020

Multi-brand fast moving consumer goods retailer BigBasket is in the process of finalising a $60 million (Rs 443.22 crore) funding round led by existing investor Alibaba.

 
As BigBasket sees its orders skyrocket as more consumers order groceries and personal care goods online during lockdown, the business is in the process of finalising a funding round that would enable it to increase its capacity even further. The internal funding round is led by existing investor Alibaba and also includes UK development finance institution CDC Group and South Korean business Mirae Asset Ventures, two sources told TNN.
 
The internal round will value BigBasket at between $1.2 billion and $1.3 billion. Talks concerning the funding round had begun before the 21-day anti-coronavirus lockdown, according to TNN’s sources.

BigBasket, which is based in Bengaluru, has recently doubled its capacity to be able to fulfil between three lakh and three and a half lakh orders per day to meet lockdown-demand. The business recently partnered with taxi firm Uber to increase its delivery capacity and is hiring unemployed restaurant workers to help with deliveries. 
 
The business is now operating at 60% capacity as of April 8, it announced on Facebook in its daily update on April 9. BigBasket is now delivering essential goods in all cities it operates in with limited slot capacities apart from in Kochi where it is working to resume operations.