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Mirae Asset-Naver Asia Growth Fund (“Mirae-Naver”), CDC Group and Alibaba Group has invested $150 million in online grocery firm BigBasket.
This marks Mirae-Naver’s largest investment in India so far. Mirae Asset-Naver Asia Growth Fund is a joint venture between Seoul-based Mirae Financial Group and Naver Corporation, South Korea’s leading internet company.
Supermarket Grocery Supplies Pvt Ltd, owner of the Bigbasket brand, will use the funds for further expansion and growth in its existing markets and its new markets by scaling up of its supply chain and for developing new reseller channels.
Founded in 2011, Bigbasket currently operates in 10 metro cities and 15 Tier-II cities.
Alibaba Group, which had previously led the Series E round at SGSPL in 2017, participated in the current financing round as well.
Big Basket’s founder VS Sudhakar said in a statement, “We are re-engineering our supply chain to allow for faster delivery to our resellers and to reduce the time from farm to our customers. We are also scaling up the back-end supply chain for our new businesses — BB Daily that delivers fresh milk and other fresh products, and BB Instant that creates a network of vending machines. This coupled with an expansion in our range of private label products will create a solid foundation for growth in both revenue and profitability.”
Commenting on the investment, Ashish Dave, Head of India Investments for Mirae Asset Global Investments, said, “We are excited about the investment opportunities in India, which is a key geography for us, where we continue to identify and partner with market leading companies.”
“SGSPL offers a transformational and convenient experience to its consumers, which makes it a preferred grocery platform. As India moves towards organised retail that offers standardised quality, comfort and speed in the shopping experience, we firmly believe the Bigbasket brand will continue to define this segment as a category leader,” he added.
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