The Largest groceries store in India, BigBasket is planning to raise $150-$200 Million again. Earlier this year only it rose a funding of $300 million from Alibaba.
According to Hari Menon, co-founder, and chief executive officer of BigBasket, the company is in the last stage talks for raising this fund.
In a chat with Money Control, Mr. Menon said that he is looking to raise funds from both new investors as well as old investors. The raised fund will be used for building infrastructure, developing technology and marketing.
Apart from Alibaba, BigBasket has earlier raised funds from investors such as International Finance Corp, Sands Capital, and Dubai-based private equity investor Abraaj Capital. investors such as International Finance Corp, Sands Capital, and Dubai-based private equity investor Abraaj Capital. The company aims to achieve Rs 3,500 crore in sales this fiscal year, up from the Rs 2,000 crore achieved last year.
Q: We understand you are in talks to raise more funds. How much do you plan to raise and from where?
A: We will raise some money in a couple of months. We will make some announcement soon as we are in talks with a few investors. But I cannot talk about it right now. It is just too early.
Q: How much are you looking to raise and how will you use the funds?
A: We will raise another $150-200 million. We will continue putting vigorously in advertising. We have 10 million clients. Right now, deals are Rs 2,500 crore, so by that standard, we are sensibly an expansive online merchant in the nation.
Presently, how would we twofold this consistently and how would I rapidly turn into a Rs 7,000 crore organization? That is about interests in advertising, interests in foundation and interest in innovation. We need to contribute this cash throughout the following 2-3 years.
Apart from the above questions answered, Menon also disclosed that they are building another excellence store which is called personal care into beauty. They are building the drain membership business which we just propelled as of now it’s considered BB Daily where the drain gets conveyed to your home at a young hour toward the beginning of the day. They are likewise constructing a business which is unmanned stands called BB moment and we will put 6,000 machines the nation over which will be in flats and edifices.
You should simply pick your item, lift it up and leave. The machine will detect which item was picked and naturally charge your wallet. These are undeniable machines which convey 48 items. Ideally, it will supplant the supermarket in the complex. We have just propelled this will be placed up in all Metros.
Since today more and more FMCG companies want to promote their products online so it is understandable that we can expect a good future for this company.
Bigbasket will purely be an online company, “said Menon when asked about the inorganic growth plans of the company.