BigBasket Joins Unicorn Club with a fresh Investment of $150 million & Valuation of $2.3 billion

Bigbasket closed its round of financing of Series F with an investment of $ 150 million, according to documents filed with the Registrar of Companies (RoC). With this round, the Bigbasket valuation has more than doubled to reach the reported $ 2,300 million.

The latest round of financing was led by current investor Alibaba, while South Korean firm Mirae Asset joined its group of investors.

With the growing competition in space, Bigbasket has been rapidly looking for ways to expand. In a recent interview, Hari Menon, co-founder and CEO of Bigbasket, said the company is considering doubling its revenue to 70 billion pounds in fiscal year 20.

The food sector in India has seen a lot of action lately. The Unicorn of Foodtech Swiggy recently joined the grocery industry with Swiggy Stores and has already piloted Gurugram’s operations with more than 3,500 local stores.

But not only startups are interested in the food sector. Reportedly, Reliance Industrial Investment and Holdings Ltd (RIIHL), which controls the Reliance industry, has acquired a stake in the hyperlocal delivery company based in Mumbai, Grab.

Source : ET Business Standard Moneycontrol Via : Businessinsider