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| BigBasket secures US$150m funding led by South Korea’s Mirae | Writer | Admin | |||
|---|---|---|---|---|---|
India’s leading grocery retailer, BigBasket has raised US$150 million in funding led by South Korea’s Mirae Asset Management to expand its online platform. Latest round which was also backed by UK’s development finance institution CDC Group, along with Chinese e-commerce giant Alibaba values BigBasket at close to US$1.2 billion. With the investment, Mirae which poured US$60 million in the online grocer will hold around 5%, while CDC, which infused $40 million, will hold a 3.5% stake in the company. Alibaba, owned by one of China’s richest men Jack Ma has invested US$50 million, raising its shareholding to around 26%. The ET Retail report alluded to the fact that the round of funding comes as the online grocery market is heating up with the potential entry of Reliance Industries in the e-commerce space. Flipkart India acquired by Walmart for US$16 billion is also pushing into the space after receiving US$201 million from its Singapore-based parent entity Flipkart Private Limited. Read More : http://www.foodbusinessafrica.com/2019/04/01/bigbasket-secures-us150m-funding-led-by-south-koreas-mirae/ |
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