India-based online grocer BigBasket is raising $150m at a valuation of about $1.2bn, in a funding round that will include $50m from e-commerce group Alibaba, Bloomberg Quint has reported.
Asset manager Mirae Asset Global Investments is set to provide approximately $60m for the round while UK state-owned development bank CDC Group will supply $40m, according to a regulatory filing seen by Bloomberg.
BigBasket runs an e-commerce platform that offers some 20,000 food and household products from more than 1,000 brands. It has branched out into areas such as cosmetics, and offers a premium service known as BBStar that gives members quicker deliveries and access to discounts.
The company had raised a total of $545m in funding as of a $300m round in February 2018 that was led by $146m from Alibaba and backed by Abraaj Group, Bessemer Venture Partners, Sands Capital Management, International Finance Corporation (IFC), Helion Ventures and Trifecta Capital.
The 2018 round valued BigBasket at $950m and came after a $150m series D round led by Abraaj Group that also featured IFC, Sands Capital, Helion Advisors, Zodius Capital and Ascent Capital at a $450m valuation in 2016.
Alibaba will own a 26.2% stake in BigBasket once the round closes, reinforcing its position as the company’s largest shareholder. Abraaj will hold 16.2% and Ascent Capital 15.5%.
