E-commerce group Alibaba has provided $50m in bridge funding for India-based BigBasket, the Economic Times has reported, citing two people ‘in the know’.
The news came shortly after an Entrackr report stating the company had raised $60m from Alibaba, UK-based development finance provider CDC Group and Mirae Asset Ventures, part of asset manager Mirae Asset Global Investments, at a valuation of $1.2bn to $1.3bn according to Times of India.
Founded in 2011, BigBasket runs an online platform that offers a wide range of items including fresh produce, meat, eggs and dairy, and offers 90-minute delivery in several large cities including Mumbai, Delhi-NCR, Chennai, Kolkata, Hyderabad and Bangalore.
Although ET reports the funding had been agreed before the Covid-19 related shutdown in India, it will help cover an increase in demand for online deliveries spurred by the recent lockdown in India combined with a shortage in available staff to fulfil that demand.
The round brought BigBasket’s overall funding to $745m. It comes after Alibaba invested $50m in the company in May 2019 alongside $60m from Mirae Asset Global Investments and $40m from CDC.
Alibaba had already invested $146m to lead a $300m round for BigBasket in early 2018 that included Bessemer Venture Partners, Trifecta Capital, Abraaj Group, Sands Capital Management, International Finance Corporation and Helion Ventures at a $950m valuation.
The latter four had previously participated in a $150m series D round for the company two years earlier alongside Zodius Capital and Ascent Capital.
