BigBasket gains $60 Mn from Alibaba and others
By MYBRANDBOOK
BigBasket has raised $50-60 million in a bridge round led by Alibaba and other existing investors, according to four people familiar with the matter. This comes after the Bengaluru-based firm has been looking to raise fresh capital for about 8-10 months but was not able to do so.
BigBasket has been in the market to raise a new round almost a year now. This has been evident from the size of venture debt raised by BigBasket since mid-2019. The company raised Rs 100 crore in debt from Trifecta in July.
BigBasket attained the coveted unicorn status - with a valuation of over $1 billion - when it raised $150 million in a Series F round from Alibaba, UK Government-owned CDC Group and South Korea’s Mirae Asset Global in March 2019. The financing round valued it at around $1.2 billion.
BigBasket’s double-digit round is also reflective of the current scenario where top unicorns which were initially expected to raise triple-digit rounds have been reduced to sub $100 million.
According to sources, BigBasket’s order numbers had plateaued to 150,000 daily orders over the last one year leading to fundraising challenges. However, its milk subscription vertical BBDaily has grown at a quick pace which clocks close to 1.8 lakh daily orders, add sources. It’s worth noting that BigBasket had acquired three firms in the space including DailyNinja and RainCan to bolster BB Daily.
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