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BigBasket gets $50 million more from Alibaba

While the commitment from Alibaba came through pre Covid-19 virus outbreak, the latest infusion comes at a time when BigBasket needs capital to up its capacity and build infrastructure to cope with a demand spike.

ET Bureau|
Last Updated: Apr 09, 2020, 08.18 AM IST
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BigBasket is currently operating at around half its daily capacity as it continues to struggle with manpower shortages.
MUMBAI: Egrocer BigBasket is learnt to have picked up $50 million from its existing investor Alibaba as part of a bridge round, two people in the know said, at a time when the online grocery market is seeing unprecedented demand during a nationwide lockdown. A bridge round is an intermediate funding meant to cover short-term expenses as the company looks for a larger investment cheque.

While the commitment from Alibaba came through pre Covid-19 virus outbreak, the latest infusion comes at a time when BigBasket needs capital to up its capacity and build infrastructure to cope with a demand spike. A mail sent by ET on the fundraise to Hari Menon, CEO, BigBasket remained unanswered.

Last year, BigBasket raised $150 million led by Mirae Asset-Naver Asia Growth Fund, UK government-owned CDC Group, and existing backers like Alibaba, at a valuation of $1.2 billion. The new money is expected to have been pumped in at the same valuation.

News portal Entrackr first reported on the bridge round on Wednesday.

BigBasket is currently operating at around half its daily capacity as it continues to struggle with manpower shortages.

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