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E-grocers up the ante as BigBasket raises $50 million

By Avishek Rakshit | August 14, 2015

The round was led by Bessemer Ventures with participation from all other existing investors

As the online grocery segment hots up with more players, BigBasket, an early mover into the space on Thursday said it had raised $50 million (Rs 362 crore) in Series-B round of funding. The round was led by Bessemer Ventures with participation from existing investors, including Helion Venture Partners Ascent Capital and Zodius Capital. The company is also looking to raise another $150 million soon.

"The funds will be deployed for expanding BigBasket's offerings to 50 more cities from the current seven in a year and launching own-branded products. We also look to invest in automation,” co-founder Vipul Parekh said. BigBasket will also launch our one-hour delivery service next month, he added.

The Bengaluru-based company, launched in December 2011, is on an expansion spree. In May, it had begun operations in the National Capital Region, Pune and Chennai and is expanding to Ahmedabad and Kolkata.

BigBasket aims to close 2015-16 with a revenue of about Rs 1,000 crore. It raised about Rs 200 crore last September from Helion Ventures and Zodius Capital.
The online grocery retail space will see more action with major e-commerce players like Amazon, Flipkart and Snapdeal venturing into the space soon. This is in addition to players like Ola launching their grocery delivery service Ola Store on its Ola app. LocalBanya, PepperTap, Grofers and ZopNow are the other known players in the space.

According to a May report by Goldman Sachs, the e-commerce market will reach $300 billion by 2030.

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