Funding · Commerce & Consumer Brands

BigBasket in talks to raise $100M from Temasek

By Startup Enthusiast · 28 September 2020

What they do

BigBasket runs an online grocery delivery service and subscription platform BB Daily

It is in talks to raise up to $100 million led by Temasek, with Mirae Asset and CDC Group likely joining

The round would be at the same valuation as its April 2020 bridge financing, and the company needs funds to compete with JioMart

BigBasket is in talks to raise up to $100 million in a new funding round.
Temasek is the potential lead investor and could invest $50-70 million.
Existing investors Mirae Asset and CDC Group are likely to join the round.
The valuation is expected to be the same as the last round in April 2020.
In April 2020, BigBasket raised $60 million in bridge financing from Alibaba, Mirae Asset, and CDC Group.
Alibaba could not invest via the automatic route due to a change in FDI rules after border tensions with China.
Since June 2020, the Indian government has barred Chinese investors from investing without approval.
The deal may or may not materialize.

BigBasket's monthly burn is about $7-8 million, and its last fundraise would last only until November-December 2020.
Online grocery has become hyper-competitive after JioMart entered the market.
JioMart now does over 600,000 orders daily, while BigBasket's BB Daily does about 300,000 orders per day.
BigBasket and Grofers need large funding to compete with JioMart.

BigBasket runs an online grocery delivery platform and a subscription commerce platform called BB Daily.
BB Daily processes about 300,000 orders per day.
The company's monthly sales were Rs 650 crore in May 2020.