Indian grocery startup Bigbasket enters the unicorn club with a reported $2.3 billion valuation

• According to RoC filings, Bigbasket has raised $150 million at a reported valuation of $2.3 billion.
  
• The funding was led by Bigbasket’s earlier investor Alibaba and was joined by new investor Mirae Asset.
  
• This will give Bigbasket more power to take on new entrants like Swiggy in the Indian online grocery space.

Grocery startup Bigbasket is the latest entrant into India’s fast-growing unicorn club.

Bigbasket has closed its Series F round of funding with an investment of $150 million, according to filings with the Registrar of Companies (RoC). With this round, Bigbasket’s valuation has more than doubled to reach a reported $2.3 billion.

The latest round of funding was led by the startup’s existing investor Alibaba while South Korean firm Mirae Asset joined its group of investors.

With growing competition in the space, Bigbasket has been fast looking at ways of expansion. In a recent interview, Hari Menon, co-founder and CEO of Bigbasket said that the company is looking at doubling its revenue to ₹70 billion in FY20.

The Indian grocery sector has seen a lot of action lately. Foodtech unicorn Swiggy recently joined the grocery sector with Swiggy Stores and has already piloted the operations in Gurugram with over 3,500 local stores.

But it’s not just startups that are interested in the grocery sector. Reliance industries-controlled Reliance Industrial Investment and Holdings Ltd (RIIHL) has reportedly picked up stake in Mumbai-based hyperlocal delivery startup Grab.

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