Online grocery firm BigBasket is planning to raise next round of investment at around $1.5-2 billion valuations.
The e-grocer is in talks with new and existing investors to raise around $400 million to expand aggressively across major metros and acquisitions in the country, said sources close to the development. The company has also received a term sheet as part of talks.
The latest fund talks, if goes through, will put Alibaba-backed BigBasket into the exclusive club of unicorn startups, who are valued above $1 billion. Only this year, Swiggy, Paytm Mall, Freshworks, Oyo, PolicyBazaar and Byju’s joined the unicorn club.
Earlier in Feb this year, Alibaba led $300 million in series E round at a valuation of roughly $800 million in BigBasket.
Besides latest round will help it stand against rivals like Grofers, and horizontal e-commerce players Amazon and Flipkart, who are also pouring in heavily in their grocery business.
Two weeks ago, the Bengaluru-based grocer had kicked-off micro-delivery vertical BBdaily.
According to industry experts, despite challenges, BigBasket will give tough time to incumbents such as DailyNinja, Milkbasket and Doodhwala. BigBasket in all likelihood will go aggressively to acquire more customers through cashback and discount in upcoming months.
A few months ago, it acquired RainCan and Bengaluru-based Morning Cart. Entrackr had first reported the developments.
During its last financial details, the company had claimed a turnover of Rs 1,176 crore in FY17. The Alibaba-backed company registered a loss of Rs 312 crore in FY17 as compared to Rs 277 crore in the previous fiscal.
As per BigBasket founder Hari Menon, the e-grocer will touch a $1 billion gross sales run rate by March 2019.
The development was reported by Mint.