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.
The startup faced severe challenges after the 21-day lockdown was enforced as it worked with local state authorities to continue its delivery operations. Moreover, several startups in India have expanded to grocery category in recent weeks to serve more customers and compensate for the hit their core businesses have taken due to the coronavirus outbreak.
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