SuperMarket Grocery Supplies that runs BigBasket, has now raised fresh venture debt amounting to Rs 100 crores from Trifecta Capital. This new funding would be used to meet BigBasket’s working requirements and working capital.
Also, BigBasket stated that it would set up newer warehouses, strengthen its cold chain, whilst scaling up its milk subscription supply chain, along with its BB Instant machine vending products.
At this juncture, it is also worth remembering that BigBasket had in 2018 secured $100 Million from Mirae Asset Management, CDC Group, and Alibaba which is an existing investor. This was preceded by Venture Debt from Trifecta in 2019.
BigBasket, that also has Shahrukh Khan endorse its services in popular advertisements was established in 2011. It services customers in as many as 26 cities in India and has venture backing from names like Bessemer Venture Partners, Ascent Capital, Sands Capital, Helion Ventures, CEC Fund, Mirae, and Alibaba.
Currently headquartered in Bangalore, BigBasket’s USP is its delivering of fresh groceries, vegetables and fruits. A majority of these goods are said to be procured in direct partnership with farmers – thereby theoretically eliminating the role of middlemen.
Finally, with the newest funding, customers of BigBasket obviously expect the service to come up with unique designs of products such that accessibility gets enhanced whilst technology-leveraging takes place optimally. BigBakset was founded by Hari Menon, Vipul Parekh, VS Sudhakar, VS Ramesh, and Abhinay Choudhary.