BigBasket, the largest online food and grocery store of India, is in the final stages of closing a $250-$300 million Series E funding from new and existing investors, reports The Hindu BusinessLine citing anonymous sources. From the report:
- The new funding round potentially double the valuation of BigBasket from its previous valuation of $450 million during its last funding round
- BigBasket is planning to invest $150 million into its food retail business, including its private label brands and in expanding its farmer connect programme, reports BusinessLine citing Hari Menon, co-founder, and CEO, BigBasket.com
- The company currently has the presence in 10 tier-I cities including Bengaluru, Hyderabad, Gurugram, Ahmedabad, Kolkata, Chennai, Noida, Delhi, Mumbai and Pune, and footprint in 15 tier-II cities.