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The Silicon Review Asia

Indian startup BigBasket enters the unicorn club

Indian startup BigBasket enters the unicorn club

India has been and continues to be a hotly contested market for a number of industries, e-commerce being one of the most coveted amongst them. With its massive population of 1.3 billion people and hundreds of millions of people having access to the internet, numerous e-commerce companies are vying for a larger share of the Indian market. BigBasket, the Indian startup specializing in the delivery of groceries and common household goods has just raised a cool $150 million in the latest round of funding, elevating its total valuation to an awesome $1 billion. With this capital, BigBasket has now entered the exclusive club of unicorns.

The Series F round of funding was led by Alibaba, CDC Group and Mirae Asset-Naver Asia Growth Fund. The Chinese e-commerce giant Alibaba is reportedly the largest investor and also the single largest shareholder in BigBasket, holding about 30% stake. The newly elevated unicorn operates in more than 20 cities across India and offers over 20,000 products from more than 1000 brands. A spokesperson for the company stated that the money would be used for expansion into new cities and that of its offerings.

The grocery delivery market is getting extremely competitive in India, with Walmart’s Flipkart as well as Amazon actively pursuing the Indian market, and Amazon has a presence in more than 100 cities. It remains to be seen if BigBasket would hold a dominant share in a rapidly crowding market.    

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