BigBasket, an India-based grocery startup, has raised USD 60 million to meet growing demand from Indian customers stuck at home amid coronavirus outbreak.
Among investing companies, we find Alibaba and other existing investors such as Mirae Asset and CDC Group. The startup intends to close a larger financing round in the next six to nine months. So far BigBasket raised about USD 720 million in venture capital and debt financing.
The startup was founded in 2012, operates in more than two dozen cities in India, and offers tens of thousands of grocery products to customers.
With the funding, the startup aims to hire more delivery staff to service the demand from customers. New Delhi ordered a nation-wide lockdown in March 2020 that has disrupted many businesses. As a result, in recent weeks the volume of orders on BigBasket has surged by up to five times. For instance, at one time, it had over 400,000 inventories sitting at its warehouses that it needed to ship, TechCrunch cited the startup’s CEO.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.