BigBasket Joins the Unicorn Club With $150M Funding in Series F Round from Alibaba, Others

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Online grocery platform BigBasket becomes the second startup in 2019 to join the unicorn club at a valuation close to $1.2 billion.

Bangalore-based online grocery platform BigBasket has joined the unicorn club at a valuation close to $1.2 billion after raising $150 million in Series F funding from its largest shareholder Alibaba and new investors, South Korea’s Mirae Asset and UK’s CDC Group.

Alibaba and Mirae Asset are putting $50 million and $59.9 million respectively while UK government-owned CDC Group pours in $40 million, according to the company’s filings with the Registrar of Companies.

Last year, the company was valued at $950 million when it raised $300 million from Alibaba and others.

The fresh round of funding is expected to help BigBasket to fight against competitors like Grofers, Amazon Pantry, Flipkart’s Supermart, Swiggy Store as well as micro delivery platforms Dailyninja, Milkbasket and Suprdaily among others.

With the latest round, Alibaba’s stake in BigBasket increases to 26.26 percent, while Mirae Asset and CDC Group will own a stake of 5.31 percent and 3.54 percent respectively.

Earlier this month, Gurgaon-based logistics startup Delhivery became the first unicorn of this year, after raising $395 million in Series F round led by SoftBank and existing investors Carlyle Group and Fosun International, at a valuation of $1.6 billion.

Source: BW Disrupt

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