Online grocer BigBasket is going to get funding from US-based Sands Capital, International Finance Corporation and Bessemer Venture Partners.
Reportedly, the deal is going to take at least two weeks. Presently, BigBasket's valuation is Rs 2,100 crore, or about $320 million.
Through the latest funding round, it will be able to keep its growing competitors such as Grofers and PepperTap behind.
Recently, BigBasket’s chief executive Hari Menon had said that he expected gross merchandise value of $300 million, or Rs 2,000 crore, for the ongoing financial year ending in March 2016.
BigBasket, which has one-third of its sales from its own brands such as Fresho and BB Royal, ensures delivery of majority of the products as it operates on an inventory-based model.
“We cater to both consumer needs, bulk pre-planned as well as on-demand emergency top-ups, with an inventory-led approach. For bulk orders, we fulfill orders through our warehouses and for one-hour express deliveries, we have set up about 63 'dark stores' around the city," Menon had said.
Apparently, BigBasket handles about 2,700 orders per day.