PE Fund Investments
E-grocer BigBasket raises $200-M from Tata Digital, others
BigBasket has raised USD 200 million in a new funding round that has boosted the valuation of the e-grocer to USD 3.2 Billion. The company's valuation has now increased by 60% compared to the last primary cash infusion. Besides Tata Digital, which owns 64% in the Bengaluru-based company, other investors also participated in the funding round. Mirae Asset, UK's CDC are among other investors in BigBasket parent Supermarket Grocery Supplies. The firm will use the fresh capital to strengthen infrastructure and ramp up marketing for expansion of the core grocery business. It will also invest further in its quick commerce product BB Now, having entered the space relatively late. BigBasket plans to take the main e-grocery business to about 75 cities, up from the current count of 55 cities.
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