BigBasket, India based online grocery store has raised a huge sum totaling $150 Million in a round led by Abraaj Group, UAE based Private Equity Firm. The round also saw participation from existing investors Bessemer Venture Partners, Helion Advisors, Zodius Capital and Ascent Capital as well as new investors including International Finance Corp and Sands Capital.
The news was confirmed by a statement released by Abraaj Group. The statement stated that the company needed funds to strengthen its position in the existing market along with expanding to more tier II cities inside the country. Along with that, BigBasket is also looking to include more products in the portfolio.
According to VS Sudhakar, CoFounder BigBasket, the company is looking to increase the reach of the express service which promises delivery within an hour of placing the order.
BigBasket has been a popular player over the years in the online grocery scene in India. The company has raised $92.5 million before the latest round.