The round was led by Mirae Asset-Naver Asia Growth Fund through one of its funds and it marks the group’s largest investment in India
Supermarket Grocery Supplies Pvt (SGSPL), which owns and operates BigBasket, has raised $150 million from Mirae Asset-Naver Asia Growth Fund, CDC Group and existing investor Alibaba Group.
The round was led by Mirae Asset-Naver Asia Growth Fund through one of its funds and it marks the group’s largest investment in India.
Mirae Asset-Naver Asia Growth Fund is a joint venture between Seoul-based Mirae Financial Group and Naver Corporation, South Korea’s leading internet company.
The proceeds of this round of fundraising will be used to finance SGSPL’s growth through further penetration into existing markets with additional investments in the first mile, scaling-up of its supply chain and for developing new reseller channels.
"We are re-engineering our supply chain to allow for faster delivery to our resellers and to reduce the time from farm to our customers. We are also scaling up the back end supply chain for our new businesses -- BB Daily that deliver’s fresh milk and other fresh products and BB Instant that creates a network of vending machines. This, coupled with an expansion in our range of private label products, will create a solid foundation for growth in both revenue and profitability," VS Sudhakar, Big Basket’s founder, said.
Founded in 2011, SGSPL is headquartered in Bengaluru and serves resellers across India. It currently operates in 10 metro cities and 15 Tier-II cities.“We are excited about the investment opportunities in India, which is a key geography for us and where we continue to identify and partner with market leading companies," said Ashish Dave, Head of India Investments for Mirae Asset Global Investments.