BigBasket crosses Rs 2000 Cr in sales, in talks to raise $200 Mn

Bigbasket

Online grocer BigBasket is in talks to raise $200 million in coming months from existing and new investors. The company’s co-founder and CEO Hari Menon revealed that the firm is in early talks for raising fresh fund.

Meanwhile, the online grocer claimed to have crossed Rs 2,000 crore in sales and almost doubled the number of customers in the year ended March 2018. The company aims to clock in Rs 3,500 crore in FY19, said the co-founder.

It does close to 90k-1 lakh orders every day. Menon further revealed that the company has reach profitability at an operational level in Bengaluru and Hyderabad.

At present, it operates in 25 cities. The online grocer plans to achieve break-even by 2021 in all cities. The retailer boast of having almost 10 million customers.

If the investment talks go through, this will be the second round of investment for BigBasket this year.

Almost nine months ago, the Bengaluru-based firm had raised $300 million in series E round from Alibaba at a valuation of $800 million.

Till date, it has raised around $885 million investment, according to CrunchBase. The seven-year-old firm operates through two entities- Supermarket Groceries and Retail concent.

The funding will also enable the e-grocer to have firm foot against its competitors like Grofers and horizontal e-commerce players Amazon and Flipkart.

Last month, the Menon-led firm had kicked-off micro-delivery vertical BBdaily. It’s expected to go aggressive through cashback and discount in upcoming months to outdo incumbents such as DailyNinja, Milkbasket, and Doodhwala in the segment.

This year BigBasket had made three acquisitions, which included KWIK24, RainCan and Morning Cart.

In FY17, the online grocer had claimed a turnover of Rs 1,176 crore. The Alibaba-backed firm registered a loss of Rs 312 crore as compared to Rs 277 crore in FY16.

The development was reported by ET.

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