The online grocery platform, BigBasket has received $100 million investments in the round of funding. Alibaba-backed online grocery company, BigBasket will be utilizing the amount to fortify its supply chain management by establishing vending machines and small-sized distribution stores throughout the cities, where it operates.
The online grocery platform, alias as Supermarket Grocery Supplies, has received $150 million in the round of funding. The funding was led by three investors namely, Alibaba Group, CDC Group and Mirae Asset-Naver Asia Growth Fund, as reported by the Indian daily news, Business Standard.
BigBasket was initiated in 2011 and presently operates in almost 25 cities in India. After the fundraising, the company decides to put the acquired money in the grocery segment along with more investments, expand its supply chain and build up novel reseller channels.
"We want to enable two-hour delivery in top 10 cities that we operate in by July this year. For that, we have been investing in strengthening our distribution centres. We have 18 large and 80 smaller distribution centres together with our resellers and this will be ramped to 20 large and 100 smaller ones by June this year,"BigBasketco-founder Vipul Parekh told PTI(Press Trust of India).