Startup culture and Investors to support great ideas are increasing swiftly in India. Recently we have witnessed many online grocery stores trying their luck in race of capturing the market and few are quite successful in the task. BigBasket, Grofers, LocalBanya, AskMeGrocery etc. are few such names which successfully captivated investors’ eyes.
Bangalore-based online grocer BigBasket is looking to raise $25 Mn from International Finance Corporation (IFC) in deal of sharing stake in Supermarket Grocery Supplies Private Limited. IFC is World Banks’ private investment arm. Supermarket Grocery Supplies is parent company of BigBasket which deals in supply of groceries, provisions, fruits, vegetables and related household products.
BigBasket had raised $50 Mn from Bessemer Venture Partners in August earlier this year. It was founded by e-commerce veterans Hari Menon, VS Sudhakar, Vipul Parekh and Abhinay Choudhari in 2011. Helion Venture Partners, Ascent Capital and Zodius Capital are few names in Investors’ list of BigBasket.
Estimated revenue run rate of BigBasket is around $400 Mn by the end of financial year as compared to $100 Mn in August.
BigBasket recently started its operations in the Delhi-NCR markets and plans to expand to 50 more cities.The company has also rolled out a new service where it supplies groceries to kirana stores, using its existing supply chain operations helping these small grocery stores to grow their business.