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Online grocery firm BigBasket secures $50 mn in round led by Bessemer Venture Partners

Bangalore based startup BigBasket, an
online grocery platform, has raised $50 million from its existing investors led
by Bessemer Venture Partners.

The Economic Times reports, citing sources,
the startup has mandated Citigroup to raise $150 million from a set of new
investors.

Bangalore based startup BigBasket, an
online grocery platform, has raised $50 million from its existing investors led
by Bessemer Venture Partners.

The Economic Times reports, citing sources,
the startup has mandated Citigroup to raise $150 million from a set of new
investors.

The fund-raising process currently underway
– to propel forays into 50 tier-II cities – is expected to value BigBasket at
$1 billion, reports the Economic Times, citing sources.

The company said it would exit the current
financial year with a revenue run rate of $400 million, a four-fold jump from
the $100 million in August. “Our revenue run rate projection for the next
financial year, FY17, is $1 billion,” Hari Menon, CEO, BigBasket, was
quoted in the report as saying.

BigBasket’s private labels bring in about
33% revenue at the moment, which may touch 40% by the end of this financial
year. This is crucial in BigBasket’s valuation numbers as top internet
investors pour over the company’s books.

Rival hyperlocal delivery startup Grofers
claims to have clocked 4 lakh orders in July, a four-fold jump from June,
having already raised $45  million from
Tiger Global and Sequoia Capital in a fast-growing market. In March, Amazon piloted ‘Kirana Now’ in Bangalore,
while e-commerce gaint Flipkart is reported to be testing what it calls fQck.

Menon, Vipul Parekh, V S Ramesh, V S
Sudhakar and Abhinay Choudhari co-founded BigBasket in December 2011, when they
were backed by Growthstory, the family office of serial entrepreneur K Ganesh.
Its other investors include Ascent Capital, Zodius Capital and Helion Venture
Partners.

The company operates in eight cities with
operations being rolled out in Kolkata and Ahmedabad currently. The e-grocer is also launching
a one-hour delivery service for top-up and emergency purchases. 

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