BigBasket parent to use latest funding round to build technology and supply chain
The fast moving consumer goods business BigBasket will build up its technology, infrastructure, and supply chain with $100 million (Rs 665.3 crore) of the money its parent company raised in its most recent funding round.
BigBasket’s parent company, Supermarket Grocery Supplies, recently closed a $150 million funding round which was led by Mirae Asset-Naver Asia Growth Fund, Alibaba, and UK government-owned CDC Group. The business has allocated $100 million of this investment for ameliorating its technology and logistics sector to help it to compete with other e-commerce giants including Flipkart and Amazon.
BigBasket’s co-founder Vipul Parekh confirmed the conclusion of the funding round to ET Bureau and reported that the business should operationally break even in the next six to eight months once it reaches a $800 million revenue run rate. “We will expand our reseller network this year,” Parekh said.
BigBasket is currently expanding its cosmetics offerings after officially launching the product category earlier in the year. Parekh stated that BigBasket will continue to expand its beauty offerings during the remainder of the year. The business will also re-jig its supply chain this year and set up additional distribution centres to increase its reach for same-day delivery.
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