Online grocer BigBasket has managed to raise about ₹32.65 crore in a new funding round. The money was raised from Helion Ventures. As per the reports, Helion Ventures Partners III through allotment of 50,000 shares at ₹6,509.25 apiece on September 27, 2017.
Other investors who participated in the round include Trifecta Capital, Brand Capital, Bessemer Venture Partners, Ascent Capital, Paytm Mall, Alibaba Group and Abraaj Group, among others.
In August, BigBasket had secured a licence for FDI in food retail. The company will spin off a new entity for food products manufactured or produced in India.
The company had also committed an investment of around ₹100 crore at the time of applying for the new venture in September 2016. Along with BigBasket, Amazon too got the approval to invest $500 million in India’s online food retailing market.
Founded by Fabmall founders VS Sudhakar, Hari Menon, VS Ramesh, Vipul Parekh, and Abhinay Choudhari in 2011, Bigbasket has to date raised seven funding rounds. Its grocery stores are present in more than 26 cities across India, including in Bengaluru, Hyderabad, Mumbai, Pune, Chennai, Delhi, etc.
The company says that the store stocks over 20,000 products and 1,000 brands including fresh fruits and vegetables, packaged bread, bakery and dairy products, etc. It claims to have crossed the 5 million customers mark in May 2017.
A report from Goldman Sachs says that the domestic online retail industry is evolving into a hyperlocal, on-demand market and the Indian eCommerce market is estimated to grow 15 times to $300 billion by 2030. The Indian online grocery market is also estimated to grow at a CAGR of 62% from 2016 to 2022.