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2014-09-12

BigBasket secures Rs 200 cr VC funding from Helion, other investors

BigBasket will use the funds to expand to 10 cities by December next year. It plans to expand to Pune and Delhi within six months.

Bangalore-based online grocer BigBasket has received funding of Rs 200 crore in a round led by venture capital firms Helion and Zodius Fund II with Avendus, as reported by Economic Times. Existing investors Ascent Capital and LionRock Capital also participated in the round which saw the valuation of the two-year-old startup cross $100 million (Rs 600 crore). 
 
 
BigBasket, which is also present in Mumbai and Hyderabad, will use the funds to expand to 10 cities by December next year. It plans to expand to Pune and Delhi within six months. 
 
 
With over 12,000 products and over a 1,000 brands, BigBasket delivers food items such as fruits, vegetables, bakery, dairy products and frozen foods to customers. 
 
 
"This money will help us to invest in new technologies to improve customer experience. Using data analytics we would now be able to predict customer shopping habits and requirement," said VS Sudhakar, Co-Founder, BigBasket.
 
 
In December 2011, V S Sudhakar, Hari Menon, Vipul Parekh and V S Ramesh launched BigBasket in Bangalore. The idea was seeded by serial entrepreneurs and angel investors Krishnan and Meena Ganesh. This wasn't the founder team's first e-commerce venture. In 1999-2000, it had started a company called Fabmart. However, the venture failed and in 2003, Fabmart was rebranded as Fabmall. Subsequently, it was acquired by the Aditya Birla group and is now called More. The online entity was acquired and merged with US-based Indiaplaza.
 
 
Big-Basket, which has now raised total funding of Rs 278 crore, competes with more than a dozen of online grocery stores, including ZopNow, Aaram-Shop, and Farm2Kitchen.
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