Chennai: Online grocery shopping platform BigBasket said to be in works to finalise a deal to raise $150 million with a valuation of more than $1 billion.
With the deal making through, BigBasket will become the ninth startup in India to achieve the unicorn tag and the first to achieve the feat this year.
Reports stated that the firm’s existing investors Alibaba will lead the funding round with $50 million and new investors like the UK government-owned CDC Group and South Korea’s Mirae Asset Global Investments will end picking up stakes in e-grocer.
Presently, Alibaba owns a stake of 24 per cent in BigBasket, with Ascent Capital at 15.5 per cent, Abraaj Group at 16.2 per cent and 11 per cent stake is owned by the founders and promoters.
According to a CRISIL report, grocery will be the fastest-growing segment in online retail in India and it is expected to almost quadruple over the next three years to a Rs 100 billion opportunity.