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Bigbasket raises US$ 50 million debt funding from Alibaba

IBEF:  April 17, 2020

Bigbasket, an online grocery platform, has raised US$ 50 million debt funding from existing investor Chinese e-commerce giant Alibaba Group Holding Ltd, according to documents sourced from the Registrar of Companies (RoC).

According to the documents, Bengaluru-based Bigbasket (owned by Supermarket Grocery Supplies Pvt. Ltd) has issued 4,62,500 Series F-2 compulsorily convertible debentures at Rs 8,213.5 (US$ 117.52) per debenture.

Earlier, BigBasket has raised US$ 60 million as a part of a new bridge round from existing investors Alibaba, South Korea’s Mirae Asset and UK-development finance institution CDC Group.

Though, no response was received from Bigbasket.

Bigbasket has acquired micro-delivery service DailyNinja in March 2020. This was to expand the user base of its subscription-based delivery service, bbdaily.

This acquisition added DailyNinja’s 110,000 daily transacting customers, along with a network of 2000 milkman partners spread across India. Bigbasket shelled out close to $15 million to $20 million on this deal.

According to RoC documents, Bigbasket had also raised Rs 25 crore (US$ 3.58 million) of funding from venture debt provider Trifecta Capital in February.

Bigbasket had also raised Rs 100 crore (US$ 14.31 million) from Trifecta Capital to fund its working capital and capital expenditure requirements in July 2019.

It also reported hiring 10,000 permanent staff across its warehouses and distribution centres, and as delivery personnel to clear its order backlog. The company is operational across 26 cities and expected to hire across all cities.

In April, Bigbasket also partnered with mobility providers like Uber and Rapido to provide and deliver grocery orders in various parts of the country

 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.