Indian online grocer Bigbasket, which is owned by Innovative Retail Concepts Pvt. Ltd., received a $300 million investment led by Chinese e-commerce giant Alibaba Group Holding Ltd., Bloomberg News reported Feb. 1.
Following the move, the company's valuation increased to $950 million; $50 million short of the $1 billion mark that would have earned unicorn status, the report said, citing Bigbasket CEO Hari Menon. Menon added that existing investors Abraaj Group and Bessemer Venture Partners also participated in the investment round, the report said.
The company will use the funds for developing farmer networks, warehouses and delivery infrastructure to push further into its existing market of more than two dozen cities, the report said, citing Menon.
Alibaba, which was previously reported to be interested in investing in the online grocer, is increasing investment in India. It has invested in Xpressbees Logistics, plans to launch an over-the-top video platform and backed companies aiming to form a mobile gaming and e-commerce platform.
