Started in 2011, the company has so far raised about USD 556 million including this round of funding.
Alibaba.com Singapore Ecommerce Pvt Ltd led the $196.7 million Series E funding round, which was approved by the BigBasket board in January, regulatory filings seen by Reuters on Friday showed.
The company is also aggressively growing its user base, eyeing 20 million customers by 2020 from the 8 million now.
The company competes with players such as BigBasket, Amazon Now and Grofers who have captured the nascent online grocery delivery market in India.
They did not wish to be identified as discussions are still on and the deal has not been signed yet.
Across e-commerce, cloud services and entertainment, Amazon already has a broader ecosystem, and its Whole Foods play shows it is willing to audaciously go offline. That, as local rules change, is plausible in India too.
Watch the interview of Hari Menon Co-Founder & CEO, Big Basket with Syna Dehnugara on CNBC-TV18, in which he shared his views on impact of GST on the business and the road ahead for the company.
The company is endorsed by Bollywood star Shahrukh Khan and operates across 25 cities the country
The franchise stores have been set up near multiple residential areas in Gurgaon. These stores will offer fresh produce and dairy products to meet the everyday needs of the residents
If the merger goes through, SoftBank Group , which is an existing investor in Grofers', will participate in a $60 million to $100 million funding round in the merged company, the report added.
Locked in an intense battle with Amazon, homegrown e-commerce major Flipkart is looking at re-entering the grocery segment that accounts for a significant portion of India's retail industry.
Endorsed by actor Shah Rukh Khan, the company has raised USD 246.75 million in funding so far
The Co-Founder and Chief Executive Officer of BigBasket Hari Menon, said the capital raised will be used to increase the shelf life of fruits and vegetables, which is a huge part of the company's business, and is directly sourced from farmers.
The only challenge we face is in recruiting and retaining of our ‘blue collar’ workforce, says Menon
Grofers currently claims to be getting 11000-12000 orders on a daily basis with an average ticket size of Rs 1,000.
With people becoming comfortable buying even milk and bread online, e-grocery platform BigBasket today said it has seen 300 per cent growth in revenue in the past one year and expects to cross the Rs 2,000 crore-milestone by the fiscal-end.
While the demonetisation scheme is acting as a hurdle for many sectors, for BigBasket it is a blessing in disguise. The company has upped its revenue projection by 20 percent in the financial year 2017.
CNBC-TV18 spoke with Hari Menon, CEO of BigBasket, Bipin Preet Singh, Founder & CEO of MobiKwik and Amrish Rau, MD of Citrus Pay to find out how the demonetisation drive is impacting their business.
Once again PM Narendra Modi shook the nation with his bold move. Many people appreciated this decision as the fight against corruption got strong and few of them complaining too due to the sudden changes, and a virtual paralysis of offline trading.
Online grocer Bigbasket is on the lookout to raise another round of funding of USD 150 million sometime after March next year, an article in Mint today said. According to sources, this may be the last round of fund-raising before the company considers an initial public offer.
The company has re-launched its services in Ludhiana and plans to start operations in two more Tier II cities which will completely be on a self-delivery model.
E-commerce players can no longer participate in the pricing model and are not allowed to provide any discount which implies that these companies are just commerce enablers from here on, Rakesh Biyani said.
Existing investors Bessemer Venture Partners and Helion Advisors along with International Finance Corp and Sands Capital participated in the round, Abraaj said in a statement.
The ecommerce market could grow in terms of the value of goods sold to USD 220 billion by 2025 from USD 11 billion in 2015, according to a Bank of America Merrill Lynch estimate.
BigBasket,Grofers, Zopnow, Peppertap, and Godrej‘s Nature‘s Basket are some of the reputed players in the online grocery market