The fund will be used to meet the working capital and capex requirements of the company.
According to a report by Entracker, Alibaba-backed bigbasket has shut down its on-demand delivery service, express delivery.
Online grocery store BigBasket has recently suspended its on-demand delivery or 'express delivery' segment.
The fund will be used to meet the working capital and capex requirements of the company including setting up of new warehouses, strengthening the cold chain and setting up facilities for reprocessing of fruits and vegetables.
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
The online grocery platform -- which is registered as Supermarket Grocery Supplies -- had recently raised $150 million in funding, led by Mirae Asset-Naver Asia Growth Fund, CDC Group and Alibaba Group.
TN Hari, the HR head of Bigbasket, has explained the difference between India and Bharat in his book.
This is the first time CDC is investing in an Indian startup whereas it has invested over $1.3 billion in India for almost three decades
Bigbasket had raised USD 300 million in February last year from Alibaba and others. In November, it had said it was looking at raising fresh funds of up to USD 200 million.
The latest funding would help Grofers continue its expansion into the fast-moving consumer goods segment.
Co-founder and Chief Executive Officer Hari Menon said Bigbasket is well on track to achieve its target of closing FY19 with a revenue of Rs 3,500 crore.
Swiggy has now delved into the hyper-local delivery space, which is becoming one of the most attractive avenues of Indian retail market
FMCG experts said it is a go-to-market strategy for these companies to promote their products first on an e-commerce portal to create the buzz about the product and judge customer behaviour
In a chat with Moneycontrol, Bigbasket's Co-Founder and CEO Hari Menon said he aims to raise funds from both existing as well as new investors
As part of the partnership, Yippee ‘My range’ will be available exclusively on Bigbasket for one week, following which it will be distributed to all modern format and general trade stores across India.
The Alibaba-backed startup is reportedly in talks with at least one new investor and its existing investors for a fresh round of funding
While Paytm denied the reports, people in the know said the company has been looking for a grocery e-tailer to team up with ever since rumours got out that Walmart wanted an e-commerce partner in India
The merged company could raise $250 million from Alibaba Group, while SoftBank could infuse additional capital into the online grocery firm
Girnar Food and Beverages has objected to BigBasket selling tea under the "Royal" trademark
BigBasket CEO Hari Menon also confirmed early talks for an investment in a milk delivery startup.
The companies are attempting to boost their presence in the online delivery space
India's fast-growing young population is opting for online shopping, not just for clothes but also food items, giving online retailers a huge market to tap
"I think hyperlocal just has a higher gestation period. It takes longer for those businesses to get to profitability."
BigBasket founder-CEO Hari Menon also said the company is looking at a subscription model for milk, bread and other essential items.
Some early investors have been given partial exits in the company in a new round of funding. About USD 196 million was invested by four investors.