BigBasket achieves unicorn status after new $150 million funding round
Author : Shikha Sinha | Published Date : 2019-05-07
Reports confirm that Supermarket Grocery Supplies (SGSPL), owner of the BigBasket brand, has secured $150 million in new round of funding led by Mirae Asset-Naver Asia Growth fund, one of the leading investors operating in global growth markets, Alibaba Group and CDC Group, the UK Government’s development finance institution.
According to the company, the round values BigBasket at over $1billion, which makes it the newest Unicorn out of India. This investment round which Mirae-Naver led through one of its funds highlights the group’s largest investment in India.
Apparently, Mirae-Naver Asia Growth fund is a joint venture between Naver Corporation, leading internet company of South Korea and Seoul-based Mirae Financial Group.
Sources familiar with the matter informed that in 2017, Alibaba Group, which had formerly led the Series E round of funding at SGSPL, also participated in the round of funding. The Alibaba Group led by Jack Ma aims to allow the growth of domestic Indian companies such as SGSPL, enabling more users to come online in the country.
Along with this, CDC Group has also committed over $1.7 billion and has been investing in India for over 30 years. Directly or indirectly it has been an investor in over 300 companies. CDC’s primary aim is to reinforce commercial growth that increases employment and access to services that improve standard of living, sources said.
Seemingly, the proceeds of this round of funding will be used to finance growth of SGSPL through further penetration into current markets with additional investments in the first step, mounting up its supply chain and emerging new reseller channels.
Head of India Investments for Mirae Asset Global Investments, Ashish Dave commented that SGSPL offers a convenient and transformational experience to its customers, which makes it a favored grocery platform.
For the uninitiated, SGSPL was founded in 2011, is headquartered in Bengaluru and serves resellers in 15 Tier-II cities and 10 metro cities.
About Author
Shikha Sinha . .
Shikha Sinha currently pens down content for fractovia.org, a news platform which provides the latest business highlights and industry trends. Shikha also is a contributor on various other online media websites where she writes informative, research-oriented content spanning the retail, healthcare, F&B, and technology sectors. As her first stint in writing, Shikha was an active contributor on Yahoo Voices where she penned down creative and imaginative pieces. She holds a Bachelor of Technology degree in Electrical and Electronics Engineering. She can be contacted at- [email protected] | https://twitter.com/shikhas999
Related News
Clio raises $250 million in a Series D funding by TCV and JMI Equity
The cloud-based legal technology startup hits a historic mark in future of legal industry with this investment. Clio, a leading legal software company has recently announced that it has bagged US$250 million in Series D funding from American equity firms JMI Equity and TCV. According to sour... Read More>>
Co-working firm Spacious the latest in WeWork’s acquisition spree
New York-based co-working business, The We Company, formerly known as WeWork, has today announced its acquisition of rival start-up Spacious. The company, formed three years ago, is focused on converting restaurants closed during the day into efficient spaces for co-working. WeWork is a part of many... Read More>>
SoftBank in talks to invest $150M in Dailyhunt and $400M in Lenskart
SoftBank is expected to lead a $250 million round with private equity major Carlyle for Dailyhunt South American conglomerate Synergy Group also hopes to invest in India’s Jet Airways. SoftBank Group Corp., a Japanese multinational conglomerate, is reportedly in talks to clo... Read More>>