CDC Group, Mirae Asset-Naver Asia Growth Fund and Alibaba Group have heralded to lead $150 million fundraising round of BigBasket, as reported by the Indian daily news, Business Standard.
After the fundraising, the online grocery business, BigBasket's valuation has increased beyond $1 billion, as told by the company. By crossing $1 billion figure, BigBasket has become a new unicorn business in India.
Mirae-Naver has made the largest investment in the funding round of BigBasket. In essence, Mirae Asset-Naver Asia Growth Fund is a conglomerate firm created by Naver Corporation and Mirae Financial Group.
The second investor that is, Alibaba Group plans to financially shore up small Indian firms like BigBasket so that more users begin using on the online platforms. As opposed to it, CDC Group has a presence in India for more than 30 years. The company has invested over $1.7 billion in the nation and endowed money to more than 300 firms. The companys primary goal is to enable commercial growth to increment employment and secondly, build access to the services so as to improve the standard of living. The financial returns that the company receive get reinvested into other impact-focused enterprises.