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<ul><li>After a couple of dull years and a few failures, online grocery in India is back with a bang. </li><li>SoftBank has put in fresh funds in Grofers while Reliance Industries Limited is reportedly looking to buy a majority stake in Grab. </li><li>Swiggy had recently announced its foray into online grocery delivery with Swiggy stores. </li></ul> There was a time when the online grocery vertical had become the hot favourite with major players trying their luck in the game. But soon with failures piling up one over the other, exits were announced. Come 2019 and it seems like it’s going to be the year hyperlocal grocery delivery again. Sector leader BigBasket may become the first unicorn – clock a valuation of $1 billion – of 2019, and food delivery startup Swiggy threw in its hat into groceries with Swiggy Stores. Swiggy, which raised a whopping $1 billion in funding in December, has already piloted the operations in Gurugram and has tied up with <a href="https://www.business-standard.com/article/companies/swiggy-takes-on-bigbasket-grofers-to-deliver-groceries-from-local-stores-119021201294_1.html">3,500</a> local stores. However, these startups will be battling the deep pockets of Mukesh Ambani and the Japanese Softbank. Reliance Industries Limited is <a href="https://timesofindia.indiatimes.com/business/india-business/ril-in-talks-for-majority-stake-in-startup-grab/articleshow/68192744.cms">reportedly</a> in talks to buy a majority stake in Grab, a hyperlocal delivery startup for groceries, medicines and food based out of Mumbai. Grofers has raised <a href="https://tech.economictimes.indiatimes.com/news/internet/grofers-raises-fresh-funds-from-existing-investor-softbank-as-e-grocers-valuation-hits-425m/68203728">fresh funds</a> from SoftBank Vision Fund (the Japanese firm had earlier too invested in the e-grocery company) which takes its valuation to $425 million. This excitement was missing in the space the last few years. E-grocery startup PepperTap had to shut its operations in 2016. In a blog on <a href="https://yourstory.com/2016/04/peppertap-journey-navneet-singh">YourStory</a>, Navneet Singh, founder of PepperTap, wrote about the problem they faced. “The integration of our app with our partner stores was not great. In the race to pepper the whole country with PepperTap, we had brought too many stores online far too quickly,” he wrote. Another unicorn startup Paytm too had explored the e-grocery space with Paytm Zip, only to shut shop in 2015. So, even with clear failures in the past, what makes today’s unicorns still find their way into the space? A simple answer - the demand still exists. Grocery stores aren’t called convenience stores for nothing. For today’s millennial who is busy with work to order groceries on a tap is an easy, convenient way out. A report on the online grocery space in India by Red Seer consulting states, “Inspite of all these disruptions and changes, one thing that did not change was the massive potential for online grocery- as indicated by India’s USD 500+ Bn grocery market out of which a mere 0.2% is online (~USD 1.2 bn overall and ~USD 1 Bn considering only hyperlocal grocery).” The proof that it still works is seen in BigBasket’s <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/bigbaskets-wholesale-unit-revenue-up-35/articleshow/67358734.cms">revenue</a> report. In the year 2017-18, BigBasket saw its revenue grow by 35% while losses dropped by 53%. In FY19, the company expects the revenue to grow by <a href="https://www.moneycontrol.com/news/business/companies/bigbasket-chief-hari-menon-expects-75-revenue-jump-in-fy19-to-rs-3500-crore-3183251.html">75%</a>. Grofers which had posted a net loss of <a href="https://tech.economictimes.indiatimes.com/news/internet/grofers-narrows-loss-to-rs-258-cr-as-sales-double-in-fy2018/68105608">₹268 crore</a> in FY 17, managed to post a loss of ₹258 crore in FY18. The company has also added <a href="https://www.moneycontrol.com/news/business/grofers-eyes-rs-2500-crore-revenue-in-fy19-adds-2-5-lakh-new-customers-in-january-3453911.html">2.5 lakh</a> new customers in January, while also aiming for a revenue of over ₹2500 crore. And with big backers like Mukesh Ambani and Softbank entering the fray, the competition, too, will be intense. The battle for dominance may mean more discounts and cashbacks for consumers. See Also: <a href="https://www.businessinsider.in/swiggy-in-talks-to-acquire-ubereats-india-operations/articleshow/68110377.cms">Swiggy wants more on its plate, in talks to acquire Ubereats India</a> <a href="https://www.businessinsider.in/for-indian-startups-2018-has-been-a-year-of-bouncing-back-as-venture-capital-funding-doubles/articleshow/67286540.cms">For Indian startups, 2018 has been a year of bouncing back as venture capital funding doubles</a> <a href="https://www.businessinsider.in/these-are-the-25-most-sought-after-startups-in-india-report/articleshow/65866420.cms">These are the 25 most sought after startups in India: Report</a>

Online grocers are back in business in India with billions more to burn – and that may be good for consumers

<ul><li><keyword id="1640900" type="PERSON" weightage="20" keywordseo="Online-grocery">Online grocery</keyword> segment will grow by 55% to reach 1.2% of the market by 2023, said a report by RedSeer and <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword>. </li><li>Today online grocery startups account for 40% of total e-commerce funding in India. </li><li>Startups in the online grocery sector have raised $665.70 million in funding in 2019 so far.</li></ul>The Indian online grocery segment is growing fast and how. Currently the online food and grocery retail holds a miniscule part of online retail with only 0.2% penetration. But it is predicted to grow by 55% to reach 1.2% of the market by 2023, said a report by RedSeer and BigBasket. The market size of this segment will also expand to $10.5 billion, the report predicts. The customers’ trust on online shopping along with the growing presence of e-grocery players will drive this growth in the sector, added the report. “The online grocery segment has been one of the fastest-growing e-commerce verticals in India and will continue to flourish in both metro and non-metro cities in the years to come,” said Hari Menon, Co-Founder and CEO, bigbasket. Online grocery vs E-commerce in India As Indians are used to visiting the kirana store in the next lane, online grocery has been growing slowly since onset in 2010. In the past few years however it picked up speed. As the number of e-commerce users grew it had a slow but steady effect on online grocery purchases. From a barely any presence in 2010, today online grocery startups account for 40% of total e-commerce funding in India. 
 
 
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 So, what led to this growth? “The online grocery space in India has accelerated due to the increasing penetration of internet in millions of households across the country, rise in smartphone usage, enhanced customer comfort and trust in e-tailing and a better value for money for customers in online vs offline stores. Besides, availability of value for money products, better savings vs offline stores and cashback led by subscription-based programmes further ensure affordable pricing and scheduled delivery to make this space exciting,” said Albinder Dhindsa, Co-founder, <keyword id="2466939" type="PERSON" weightage="20" keywordseo="Grofers">Grofers</keyword>. Startups in the online grocery sector have raised $665.7 million in funding in 2019 so far, with Bigbasket turning a unicorn. Grofers, a soonicorn (soon to turn unicorn) made a comeback with a $200 million funding led by Softbank. Here are the top 20 funded startups in the e-grocery segment. 
 
 
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 Tier 2 &amp; 3 cities to lead the next phase of e-grocery Online grocery’s dream to reach $10.5 billion by 2023 will not be fuelled solely by urban growth. A big share of this will come from Tier 2 and 3 cities. Grofers co-founder Dhindsa believes that the next big thing in e-grocery is increasing penetration of e-commerce in tier-2 markets and amongst lower SECs (socio-economic classification) in metros. “E-grocery will bring more shoppers into e-commerce as a whole and already 15% of our new users every month are first time online shoppers. Growing disposable income of the consumers in Tier II markets and the adoption of 4G has already laid a strong foundation for the next wave of growth for e-commerce,” he said.

Online grocery may become a $10 billion industry by 2023 but even then only one in 100 Indians will be buying

<ul><li>In an interview with Business Insider, Anant Goel, CEO and co-founder, <keyword id="4085901" type="PERSON" weightage="20" keywordseo="Milkbasket">Milkbasket</keyword> talks about why he doesn’t want to offer discounts to his customers. </li><li>The company is averaging 75,000 orders a day with over 2,250,000 in a month. </li><li>It aims to hit $100 million run rate by the end of the current financial year.</li></ul><keyword id="2709620" type="PERSON" weightage="20" keywordseo="grocery-delivery">Grocery delivery</keyword> startup Milkbasket has its head in the game. It is forecasting to hit $100 million in revenue by the end of the current financial year. Today, the Indian grocery space is crowded with multiple players and newly turned unicorns like <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword>, soonicorns like Grofers. Even food delivery unicorns like Swiggy too are entering the sector. Milkbasket insists on growing without discounts However, while all of these new and old startups are trying to offer discounts and faster delivery options to lure consumers, Milkbasket is adamant. It doesn’t believe in discounts and has only a single slot delivery at 7 am in the morning. “That’s how you build a business, not by burning money. For any B2C business, you can always spoil the customer, but can you make money while doing it? Is it sustainable? We have always tried to strike the balance,” Anant Goel, CEO and co-founder, Milkbasket told Business Insider. So, the four-year-old startup has built a loyal consumer base, without having to give in to the new age trends. It serves 1.5 lakh households across 5 cities (Delhi, Noida, Gurgaon, Ghaziabad and Bengaluru). The company is averaging 75,000 orders in a day with over 2,250,000 in a month. “We now aim to hit $100 million run rate by the end of the current financial year, we are currently at $60 million,” said Goel. Investors aid Milkbasket’s growth story It has also been a good year for Milkbasket. There was a possible funding from Sachin Bansal’s BACQ Acquisitions. However Milkbasket and Bansal’s firm had issued a joint statement they weren’t going ahead with it. Later, it closed its series B round with $12.7 million. The series B investment includes $10.5 million led by Unilever Ventures and participation from Mayfield India, Kalaari Capital, and Blume Ventures and few Indian family offices and Innoven Capital. And Goel credits it all to doing things differently. “Lots of competition has come in, which was not there earlier or were smaller till last year. Competition in new shapes and forms with big money, chasing us and our customers,” Goel said with a laugh and added, “But we are sure about our model – a sustainable supply chain that can deliver groceries to you.” Busting the myth Goel also busts a myth for us. Contrary to popular belief, Milkbasket has always been into groceries and not just milk. But its name makes people think otherwise. However, the name too has a direct connect to their business model. “When we started grocery in 2015, there were about 200 startups in the space. We asked customers what they want from online grocery startups and they all said discounts. But we are not here to give away discounts. Milkbasket the name came about because milk is a commodity for which you don’t ask discounts, instead you pay more to get it delivered to your house and you are happy to do so,” he said.

Milkbasket refuses to bow down to discounts – aims to hit $100 million by March

<keyword id="16492024" type="General" weightage="100" keywordseo="Homegrown-EV-charging" source="Orion">Homegrown EV charging</keyword> and <keyword id="16492025" type="General" weightage="20" keywordseo="mobility-solutions-company" source="Orion">mobility solutions company</keyword> <keyword id="14455900" type="General" weightage="20" keywordseo="Magenta-Mobility" source="Orion">Magenta Mobility</keyword> has raised $40 million in its Series B <keyword id="12999336" type="General" weightage="40" keywordseo="funding" source="ETB2B" meta.aliasname="funding" meta.entityname="funding" meta.entityid="7040">funding</keyword> in a mix of equity and debt, the media reported. Backed by <keyword id="16492026" type="General" weightage="20" keywordseo="Microsofts-global-startup" source="Orion">Microsoft's global startup</keyword> programme, the company closed $20 million in equity funding led by two global marquee investors, reports DealStreetAsia. The company raised $20 million in debt in the same round. Magenta is aiming to expand its geographical presence in cities including Hyderabad, Chennai, Delhi and Chandigarh. The company has a fleet of 600 3-wheelers and 4-wheelers across the country and expects to have over 4,000 in fiscal 2023-24, the report said. Last year, the Mumbai-based charging solutions provider announced its collaboration with Amazon <keyword id="13362851" type="General" weightage="40" keywordseo="india" source="ETB2B" meta.aliasname="india" meta.entityname="india" meta.entityid="7017">India</keyword>. Through this partnership, Magenta Mobility works with Amazon India to induct a fleet of <keyword id="12991107" type="General" weightage="40" keywordseo="electric-vehicles" source="ETB2B" meta.aliasname="electric vehicles" meta.entityname="electric vehicles" meta.entityid="7048">electric vehicles</keyword> including two and four-wheeler electric vehicles for its delivery partners in Hyderabad. Magenta Mobility's current list of customers includes all the major e-commerce businesses such as Amazon, Flipkart, Bigbasket, Porter and Udaan. It has a relationship with the electric-vehicle manufacturers such as Tata Motors, Mahindra Electric, Omega Seiki and Euler Motors. Magenta is a Series A funded company backed by HPCL and investors such as JITO Angel Network, LetsVenture, and Indian-American philanthropist, Dr Kiran Patel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/renault-nissan-commits-5300-cr-to-tn-to-introduce-6-new-models-including-evs/articleshow/97867394.cms">Renault-Nissan commits ₹5,300 cr to TN; to introduce 6 new models including EVs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-seeks-12-75-for-cbm-gas-ongc-wants-9-35/articleshow/97867864.cms">Reliance seeks $12.75 for CBM gas, ONGC wants $9.35</a>

EV startup Magenta Mobility raises $40 million in equity and debt

<ul><li><keyword id="2466939" type="COMPANY" weightage="20" keywordseo="Grofers">Grofers</keyword> has raised over $200 million from Softbank Vision Fund. </li><li>In 2019 itself, three Indian startups have already entered the unicorn club, Grofers could soon become the fourth. </li><li>Over the last two years, Grofers has grown by a staggering 800% to achieve an annual revenue of $400 million. </li></ul>Grocery retail startup Grofers has today raised over $200 million from Softbank Vision Fund. With this funding, its reported valuation is set to be almost $1 billion – just a few steps away from being a unicorn. The series F round also saw participation from new investor, KTB, and along with existing investors – Tiger Global Management and Sequoia Capital. The formerly reclusive Indian unicorn club now has many more members in it. In 2019, three Indian startups have already entered this club, which is exclusive for startups valued at and over $1 billion. Grofers could be the second grocery startup to garner this valuation. Its competitor <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword> hit this number in March 2019. Staggering Growth According to the company's statement, over the last two years, Grofers’ has grown by a staggering 800%, to achieve an annual revenue of $400 million. “We are building Grofers for the millions of Indians who cannot buy groceries at low prices due to multiple middlemen and absence of large aggregators,” said Albinder Dhindsa, Co-Founder and CEO of Grofers in a statement. “This latest investment will help scale the company to ensure many more customers can access best quality products at best prices,” he added. Grofers plans to use new funds to expand to new markets across the country. The funding will help the startup build its supply chain network, warehousing infrastructure and private label products, and ensure a steady increase in product range. The investors are banking on growth in the Indian grocery segment which is expected to touch $869 billion by 2023. In March, BigBasket raised funding from its existing investor Alibaba along with South Korean firm, Mirae Asset. Meanwhile, yet another Indian unicorn Swiggy, too announced its foray into grocery segment, with Swiggy stores. Corporate giant <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> which owns and operates <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword>, is keen on joining the bandwagon as it has acquired Mumbai-based hyperlocal service, Grab. See Also: <a href="https://www.businessinsider.in/bigbasket-joins-unicorn-club-with-a-fresh-investment-of-150-million/articleshow/68624890.cms">Indian grocery startup Bigbasket enters the unicorn club with a reported $2.3 billion valuation</a> <a href="https://www.businessinsider.in/swiggy-and-bigbasket-will-battle-softbank-and-mukesh-ambani-in-online-grocery/articleshow/68204293.cms">Online grocers are back in business in India with billions more to burn – and that may be good for consumers</a>

Grofers delivers a funding at the door of the unicorn club

<ul><li>The Softbank-backed startup is planning to head for a listing in the US through a special purpose acquisition company.</li><li><keyword id="2466939" type="PERSON" weightage="20" keywordseo="Grofers">Grofers</keyword> is now seeking a valuation of $1 billion.</li><li>Here’s a deep dive into Grofers’ business.</li></ul>India’s grocery market is estimated to be $600 billion and less than 5% of it is organised, according to HDFC Securities. Grofers has a tiny sliver of that small pie. It is one of the top 10 organised retailers in India but it’s still a tough space to compete in. Who leads in any competitive business also decides who gets a bulk of the investors’ money. In that, Softbank-backed grocery startup Grofers is running against <keyword id="8506093" type="UNKNOWN" weightage="20" keywordseo="Jiomart">JioMart</keyword>, backed by the mighty Mukesh Ambani (Asia’s second richest man), and an early bird like <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword>, a unicorn which the $100 billion Tata Group is in talks with for a majority stake. <div type="image" title="Grocery." msid="80874973" hostid="261"></div> Just as tight the competition is in everyday business, raising money may be as difficult as a spate of initial public offerings (IPO) from the retail ⁠— both online and offline⁠— space are in the works, at different stages. Therefore, as <a href="https://www.bloomberg.com/news/articles/2021-02-11/softbank-backed-grofers-said-to-weigh-listing-via-u-s-spac-deal?srnd=technology-vp&amp;sref=zNmRQ0gk">reports suggest</a>, Grofers may opt for a listing in the US through a special purpose acquisition company (SPAC). The reason why a SPAC is better than an IPO is best described by Don Butler, Managing Director at Thomvest Ventures. “An IPO is basically a company looking for money, while a SPAC is money looking for a company,” he recently <a href="https://news.crunchbase.com/news/spac-vs-traditional-ipo-investors-see-benefits-of-blank-check-companies/">said</a>. <cmsannotation type="cmsannotation" annotationid="What is SPAC?" comment="subhead" text="What is SPAC?">What is SPAC?</cmsannotation> SPAC companies are generally formed as “blank cheque” firms with the specific purpose to raise capital through a market debut to acquire another company. Grofers could either raise money from investors by selling shares directly. Or, it could sell to a company that is already listed. When a deal is formed through SPAC, the companies have two years to complete the acquisition. If the deal fails to go through, the SPAC will have to return all money to the investors. Through a SPAC deal, companies don’t have to go through the traditional paperwork hassles needed for an IPO. There are many advantages of opting for a SPAC deal, first the company (here Grofers) would get direct expertise from a company that has been in the business of taking firms to the public markets, and SPACS also acquires companies at a premium, giving more value to the initial investors in the company. And that’s how the Softbank-backed Grofers is now seeking a valuation of $1 billion. The startup had last raised funding in May 2018 when it got a $220 million cheque from SoftBank and was valued around $700 million. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lead investors in Grofers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SoftBank Vision Fund </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sequoia Capital </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bennett Coleman </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Abu Dhabi Capital Group </td></tr></tbody></table> Since then, the startup has had several talks for funding and acquisitions with rival companies like Zomato, Paytm Mall, none of which have worked out. <cmsannotation type="cmsannotation" annotationid="Some of the world’s richest people are competing for a slice of India’s growing online retail" comment="subhead" text="Some of the world’s richest people are competing for a slice of India’s growing online retail">Some of the world’s richest people are competing for a slice of India’s growing online retail</cmsannotation> India’s grocery segment which is a $545 billion market, according to Goldman Sachs. It has several players eyeing for the highest market share. Grofers, which until recently enjoyed being in a mostly two-player market, suddenly has many more competitors to watch out for. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Who Grofers is pitted against </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India’s richest man Mukesh Ambani’s JioMart </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">World’s richest man Jeff Bezos’s Amazon </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">One of the world’s biggest retailers Walmart-owned Flipkart </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">One of India’s biggest conglomerates Tata which is looking to acquire BigBasket and is keen on creating a superapp </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="A deep dive into Grofers’ business" comment="subhead" text="A deep dive into Grofers’ business">A deep dive into Grofers’ business</cmsannotation> Grofers in the last financial year reported an annualized Gross Merchandising Volume of $600 million. Even while Grofers in January 2020 had said that it had achieved breakeven in cities like Delhi and Kolkata, it continued to bleed red in its overall business. As much as 75% of its revenue comes from the top four cities alone. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grofers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Loss </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹176.7 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹637.4 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹83.6 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹448 crore </td></tr></tbody></table>Source: Tofler During the COVID-19 pandemic, tables turned for Grofers as it did for other e-grocery startups like BigBasket, JioMart etc. In a Goldman Sachs report from November 2020, Grofers had said that its revenues were up by 85% from April 2020, as the demand for online grocery grew. “...it has been proﬁtable (contribution margin) on every order delivered since the start of COVID-19,” said the report. Snapshot of Grofers <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Monthly transacting users </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Monthly Active Users </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Basket size </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Presence </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8-10 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$28 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">29 cities </td></tr></tbody></table>Source: Goldman Sachs <cmsannotation type="cmsannotation" annotationid="Betting on private labels" comment="subhead" text="Betting on private labels">Betting on private labels</cmsannotation> Grofers has also been betting big on its private labels business, with the aim of running its business purely with its own brands. In April 2020, the company said that it would pump in $15 million into its private label business. And it made business sense as private labels are high gross margin products for the company, as much as 20% higher in consumer packaged goods and 5% higher in staples, according to the Goldman Sachs report. SEE ALSO: <a href="https://www.businessinsider.in/india/news/spicejet-and-indigo-stocks-take-off-as-a-2-hour-flight-could-now-cost-up-to-13000/articleshow/80873865.cms">SpiceJet and IndiGo stocks take off as a 2-hour flight could now cost up to ₹13,000</a> <a href="https://www.businessinsider.in/business/startups/news/chaos-at-upgrad-mass-resignations-pour-in-as-angry-employees-refuse-to-relocate-instantly/articleshow/80824504.cms">Chaos at upGrad⁠— mass resignations pour in as angry employees refuse to relocate instantly</a>

Here’s why Grofers may allow an American 'blank cheque' firm to buy it out instead of fighting Ambani and BigBasket for IPO

Several investors have lined to rake in money in <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword> and latest to join the list is Chinese ecommerce giant <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword>. As per various reports, Alibaba, <keyword id="4225623" type="UNKNOWN" weightage="20" keywordseo="Paytm-Mall">Paytm Mall</keyword>, Temasek Holdings, Fosun Group, etc, are in fundraising talks with BigBasket. Also, Alibaba has shown interest in picking up a stake in BigBasket. ET quoted sources as saying Alibaba-Paytm Mall combine have offered to invest $200 million in BigBasket at a valuation of nearly $900 million post the investment. Meanwhile, Fosun's venture capital arm Kinzon Capital is in discussions with BigBasket for co-investment in the ongoing funding round with a cheque of $20-30 million. "It is for the founders to decide who they would like to go with," ET quoted sources as saying. Alibaba and <keyword id="649392" type="COMPANY" weightage="20" keywordseo="Alipay">Alipay</keyword> own over 50% stake in Paytm Mall and have been focussing on investments in grocery and physical retail investments across the globe. "As matter of policy, we do not comment on market speculation and rumours," an associate on behalf of Temasek said in response to ET's queries. Apart from Alibaba, Amazon is also concentrating on the online grocery market in India. The company is likely to begin directly selling groceries and other food products online after recently securing the government's approval for its proposed $500-million foreign direct investment in the business.

BigBasket valuation may touch $900 million; Here’s how it is set to become bigger

Online grocer <a href="http://www.businessinsider.in/searchresult.cms?query=bigbasket&amp;sortorder=effectivedate">BigBasket </a>may raise $110-150 million from several financial and strategic investors. 
 If <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword> gets the funding, its valuation may double up which right now stands at $450 million. 
 
The online grocer will use the funding for expanding its warehousing and cold chain facilities. 
 Recently, BigBasket received a funding of around $16 million from existing investors including Dubai-based private equity firm Abraaj Capital, Silicon Valley-based venture capital firm Bessemer, US-based investment firm Sands Capital, and the <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword>'s International Finance Corp. 
 
Also, Trifecta Capital debt financed BigBasket of about $7 million. BigBasket is also in talks with <a href="http://www.businessinsider.in/searchresult.cms?query=tencent&amp;sortorder=effectivedate">Tencent</a> and Fosun and other Chinese investors. 
 
ET reported <a href="http://www.businessinsider.in/searchresult.cms?query=amazon&amp;sortorder=effectivedate">Amazon</a> is also eyeing a strategic stake in BigBasket. 
 "There is a mismatch in terms of valuations, shareholding and terms of the deal being discussed with <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>. Amazon India has approached BigBasket for a deal at least twice since 2015," ET quoted sources as saying. 
 
India's online grocery retail market grew 44% year-on-year to $135 million in 2016, and is estimated to grow at the same pace over the next five years, as per Euromonitor.

BigBasket likely to raise $150 million and valuation may double up. Here’s how it plans to use it

<keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">BigBasket</keyword>, one of the country's second-most valuable ecommerce firm focused on a specific segment, is all set to get a funding of around Rs 800 crore, or $ 120-million. 
 
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.

BigBasket gets bigger, to get Rs 800
cr funding

<keyword id="181441" type="COMPANY" weightage="100" keywordseo="One97-Communications">One97 Communications</keyword>, the mobile internet company running the mobile payment and ecommerce platform <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword>, is said to be looking forward to raising fresh funding of about Rs 2,000 crore ($300 million) from Taiwanese semiconductor maker MediaTek, American multinational banking firm Goldman Sachs, Singapore government owned investment company Temasek and other investors. 
 
If everything goes as planned, Paytm would be valued at $5 billion, which is more than double of its present valuation ($2.3 billion) as per last round of capital infusion that took place in June this year. 
 
Also read: <a href="http://www.businessinsider.in/War-against-Cash-Paytms-story-so-far/articleshow/53264524.cms">War against Cash – Paytm's story so far</a> 
 
The funding round would also be seeing the participation of existing Paytm investors, like Chinese internet giant <a href="http://www.businessinsider.in/Alibaba-reportedly-in-talks-to-acquire-Shopclues/articleshow/53751816.cms">Alibaba</a>, its payments affiliate Alipay, and venture capital firm SAIF Partners. 
 
"The new round is expected to value the company at close to $5 billion," one of the sources aware of the developments told <a href="http://economictimes.indiatimes.com/small-biz/startups/paytm-in-talks-to-raise-rs-2000-crore-from-goldman-sachs-temasek-mediatek/articleshow/53895706.cms">ET</a>. (S)he added that the money raised would be distributed amongst all of Paytm's businesses, viz. digital payments, online marketplace and the upcoming <a href="http://www.businessinsider.in/Paytm-plans-to-start-Indias-first-payments-bank/articleshow/48956681.cms">payments bank</a>. 
 
If the deal takes place, it will be listed as 2016’s biggest round of finance in the country’s broader technology and internet space, leaving behind the $200 million that <a href="http://www.businessinsider.in/It-is-going-to-be-a-bumper-festive-season-for-Snapdeal-as-it-raised-21-million/articleshow/53869562.cms">Snapdeal </a>raised and $150 million that Bigbasket raised. 
 
Also read: <a href="http://www.businessinsider.in/20-Top-funded-Indian-Startups-in-2016-so-far/articleshow/53490954.cms">20 Top funded Indian Startups in 2016 so far</a> 
 
The present ownership of One97 includes CEO <a href="http://www.businessinsider.in/Paytm-founder-Vijay-Shekhar-Sharma-to-dilute-stake-for-payment-bank/articleshow/49723101.cms">Vijay Shekhar Sharma</a> holding 21.33% stake, SAIF Partners holding 30.81% stake, Alibaba holding 8.53%, and Alipay being the single largest shareholder with a 32.41% holding. 
 
<a href="http://www.hindustantimes.com/rf/image_size_640x362/HT/p2/2016/02/18/Pictures/office-wednesday-january-january-sharma-shekhar-hindustan_a76a58a2-d66c-11e5-9f67-7d8bb840e754.jpg">Image source</a>

Paytm might raise Rs 2,000 crore in next funding, to be valued at $5 billion

<ul><li>Indian foodtech unicorn <keyword id="6358977" type="UNKNOWN" weightage="20" keywordseo="swiggy">Swiggy</keyword> is reportedly scaling down its grocery and fresh produce deliveries. </li><li>However, the $3.6 billion startup said that it will continue to focus on meat, seafood, gourmet and its instant grocery delivery service — Instamart.</li><li>Even though Swiggy operates food delivery services in 500 cities, its grocery delivery service will now be restricted to 20 cities.</li></ul>Indian foodtech unicorn Swiggy is <a href="https://entrackr.com/2020/12/exclusive-swiggy-moves-away-from-grocery-and-fresh-produce-delivery/">reportedly</a> scaling down its grocery and fresh produce deliveries. “We expanded our services across the country during the lockdown as consumers turned to Swiggy not just for food but also other essentials. Given that movement restrictions have been eased, we are rolling back grocery delivery and focusing on offerings like <keyword id="9167642" type="UNKNOWN" weightage="20" keywordseo="Swiggy-Genie">Swiggy Genie</keyword> where consumers can shop from any store in the city including groceries &amp; essentials or pick-up and drop-off packages,” said a Swiggy spokesperson. However, not everything will be toned down. The $3.6 billion startup said that it will continue to focus on meat, seafood, petcare gourmet and its essential delivery service Instamart, which delivers products like groceries, fresh fruits &amp; vegetables, personal care items among other things. “With a delivery promise of 30 to 45 minutes, Instamart is rapidly becoming a favourite among consumers (in Bangalore and Gurgaon) while unlocking a new dimension of convenience retailing in India,” said the spokesperson. Even though Swiggy operates food delivery services in 500 cities, it has said that it will restrict grocery to about 20 cities. “Pre-COVID, 80% of Swiggy’s business was food delivery, and the remaining came from other segments. The company expects this ratio to change to 50-50 in the next 2 to 3 years, with increased contribution from grocery, cloud kitchen, etc,” said a Goldman Sachs report from November, 2020. Interestingly, Swiggy’s rival <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword>, which had also forayed into grocery delivery with the Zomato Markets feature had earlier said that it was scaling down the service. Both the unicorns had ramped up their offerings in <keyword id="1392240" type="PERSON" weightage="20" keywordseo="grocery-retail">grocery retail</keyword> during the coronavirus lockdown when the segment saw a massive boom. This leaves the market with players like JioMart, Amazon, Flipkart, Grofers and BigBasket, which is reportedly in talks with the Tata Group for an investment. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/steadview-capital-invests-in-softbank-backed-logistics-unicorn-delhivery-founder-eyes-an-ipo-in-the-next-15-months/articleshow/79732530.cms">Steadview Capital invests in SoftBank-backed logistics unicorn Delhivery – founder eyes an IPO in the next 15 months</a> <a href="https://www.businessinsider.in/business/startups/news/indian-saas-startup-zenoti-enters-the-unicorn-club-with-a-160-million-funding/articleshow/79734387.cms">Another unicorn – Indian SaaS startup Zenoti enters the coveted club with a $160 million funding</a>

After Zomato, Swiggy scales down its grocery marketplace operations – leaving more space for JioMart, BigBasket, Amazon and others

“When the tides turn, you know who’s been swimming naked.” -<a href="http://www.businessinsider.in/searchresult.cms?query=Warren+Buffett&amp;sortorder=effectivedate">Warren Buffett</a> 
Nobody could have put it better. It couldn’t be clearer that innovation would be funded, no matter what. As the global financial downturn continues to weed out run-of-the mill ideas, there’s a clear pattern to what’s happening in India’s <a href="http://www.businessinsider.in/searchresult.cms?query=startup&amp;sortorder=effectivedate">startup</a> eco-system now. 
 
Real Winners, Big Game As the funding euphoria of 2015 dies down, <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> with real mettle are raising good money. Byju is looking good, with $75 million in its kitty. It’s looking to raise another $50 million to tackle India’s huge <a href="http://www.businessinsider.in/searchresult.cms?query=ed-tech&amp;sortorder=effectivedate">ed-tech</a> space. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Lenskart&amp;sortorder=effectivedate">Lenskart</a> is another entry. The online eyewear brand is gaining traction, and has come up with new eye testing equipment. This will increase its portability and drastically improve its home service programme. 
 
No Slowdown 
While 2015 is widely touted as the ‘golden year’ for <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+startups&amp;sortorder=effectivedate">Indian startups</a>, Q1 2016 has seen a 60% hike in the number of funding rounds. 
 To answer the question of many potential startup founders - <keyword id="6359051" type="COMPANY" weightage="40" keywordseo="investors">Investors</keyword> are betting big on the startup ecosystem. In fact, the first six months of the year has seen the second highest fundraising in a seed round, with Melorra bagging a whopping $5 million. 
 
Moving forward: 
Things are picking up. However, while the likes of <a href="http://www.businessinsider.in/searchresult.cms?query=Ibibo&amp;sortorder=effectivedate">Ibibo</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=BigBasket&amp;sortorder=effectivedate">BigBasket</a> are raising big money, there’s news of layoffs. The sweeping funding rounds of 2015 have been heavy on many a player. 
 
However, till the shutters are up, the game’s on. 
 
<a href="https://i.ytimg.com/vi/5URd5Ju_J5o/maxresdefault.jpg">Image Source</a>

You Searched For "Bigbasket funding" and got 12 results

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BigBasket valuation may touch $900 million; Here’s how it is set to become bigger

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BigBasket likely to raise $150 million and valuation may double up. Here’s how it plans to use it

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