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<ul><li>According to RoC filings, <keyword id="964794" type="COMPANY" weightage="20" keywordseo="BigBasket">Bigbasket</keyword> has raised $150 million at a reported valuation of $2.3 billion. </li><li>The funding was led by Bigbasket’s earlier investor Alibaba and was joined by new investor Mirae Asset. </li><li>This will give Bigbasket more power to take on new entrants like Swiggy in the Indian online grocery space. </li></ul>Grocery <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> Bigbasket is the latest entrant into India’s fast-growing unicorn club. Bigbasket has <a href="https://www.business-standard.com/article/companies/bigbasket-joins-unicorn-club-with-150-mn-funding-valuation-jumps-two-fold-119032801319_1.html">closed</a> its Series F round of funding with an investment of $150 million, according to filings with the Registrar of Companies (RoC). With this round, Bigbasket’s valuation has more than doubled to reach a <a href="https://www.business-standard.com/article/companies/bigbasket-joins-unicorn-club-with-150-mn-funding-valuation-jumps-two-fold-119032801319_1.html">reported </a>$2.3 billion. The latest round of funding was led by the startup’s existing investor Alibaba while South Korean firm Mirae Asset joined its group of investors. With growing competition in the space, Bigbasket has been fast looking at ways of expansion. In a recent <a href="https://www.moneycontrol.com/news/business/bigbasket-aims-to-double-revenue-growth-to-rs-7000-crore-in-fy20-3590891.html">interview</a>, Hari Menon, co-founder and CEO of Bigbasket said that the company is looking at doubling its revenue to ₹70 billion in FY20. The <keyword id="7475397" type="UNKNOWN" weightage="20" keywordseo="indian-grocery">Indian grocery</keyword> sector has seen a lot of action lately. Foodtech unicorn Swiggy recently joined the grocery sector with <keyword id="7317638" type="UNKNOWN" weightage="20" keywordseo="Swiggy-Stores">Swiggy Stores</keyword> and has already piloted the operations in Gurugram with over <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. But it’s not just startups that are interested in the grocery sector. Reliance industries-controlled Reliance Industrial Investment and Holdings Ltd (RIIHL) has <a href="https://tech.economictimes.indiatimes.com/news/startups/reliance-industries-subsidiary-inks-pacts-to-acquire-grab-a-grub-and-c-square-info-solutions/68245460">reportedly</a> picked up stake in Mumbai-based hyperlocal delivery startup Grab. See Also: <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> <a href="https://www.businessinsider.in/milkbasket-strengthens-to-take-on-rivals-swiggy-and-bigbasket-acquires-veggie-india/articleshow/68590658.cms">Four years into the business, Milkbasket has acquired one-year-old startup Veggie India</a>

Indian grocery startup Bigbasket enters the unicorn club with a reported $2.3 billion valuation

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

<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

In an effort to widen its e-tailing portfolio, World Bank’s International Finance Corporation (IFC) is mulling to invest at least Rs 170 crore, or $25 million in <keyword id="1518229" type="PERSON" weightage="20" keywordseo="Lenskart">Lenskart</keyword> Solutions. 
 
After investing in BigBasket, IFC is looking to buy minority stake in the online eyewear retailer. 
 
Lenskart raised Rs 60 crore from existing investor, TPG Growth, last year in November taking the valuation of the company to Rs 1,000 crore from Rs 634 crore in December 2014. 
 
Lenskart presently has 90 franchisees in over 50 cities. 
 
(Image: Indiatimes)

After BigBasket, World Bank’s IFC is going to pump in Rs 170 crore in Lenskart

<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="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

<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>

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