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Tata Group to acquire 68 percent stake in BigBasket for $1.3 billion

16Feb By reutersNo Comments

ACQUISITION

Tata Group to acquire 68 percent stake in BigBasket for $1.3 billion

Mumbai, Feb 16th, 2021: India's Tata Group will buy a 68% stake in online grocery startup BigBasket for $1.3 billion (about Rs 9,500 cr), television channel ET Now said on Tuesday, citing sources. The salt-to-software conglomerate has been planning to launch a "super app" that will tie in all its consumer businesses, according to media reports, as it competes against Amazon.com Inc and Reliance Industries Ltd in India's booming e-commerce market. Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon's "Fresh" service as more consumers stay indoors and choose to shop online during the COVID-19 pandemic. Tata's stake will translate into an enterprise value of 135 billion rupees for BigBasket, which is backed by Alibaba, ET Now said. BigBasket top managemen...

Delivery Hero acquires MENA based Online Grocery Marketplace InstaShop

1Sep By PriyankaNo Comments

ACQUISITION

Delivery Hero acquires MENA based Online Grocery Marketplace InstaShop

Berlin, 1st Sept 2020 – Delivery Hero announced that it has acquired InstaShop, a leading online grocery marketplace in the Middle East and North Africa region for $360 million. The initial purchase price amounts to approximately USD 270 million and the size of the deferred component to the founding team is dependent on the growth and profitability of the business in the following years. The acquisition of InstaShop marks the next step in Delivery Hero’s quest to pioneer q-commerce, the next generation of e-commerce. InstaShop was launched in June 2015 and is based in Dubai. The company generates approximately USD 300 million GMV on a Q2 2020 annualized basis, up c. 330% year-on-year, and a positive EBITDA margin. With Delivery Hero’s support, the plan is to launch new markets an...

17Mar By AdityaNo Comments

INDIA

Indian Online Grocery Platforms Order Surges Amid Coronavirus Threat

Indian online grocery platforms Grofers and BigBasket are witnessing up to two-fold growth in purchases as authorities in multiple cities close malls and shopping places to contain the coronavirus pandemic. The e-tailers said they are shoring up supplies amid the sudden increase in demand due to panic buying across a number of cities in the last couple of days. These companies are witnessing very high demand for products in the personal hygiene category as well as immunity boosting items such as honey and ayurvedic products. "In the last couple of days we have seen what we may call panic buying across a number of cities and categories. Cities like Mumbai, Bangalore, Pune and Ahmedabad have seen a higher surge with nearly 80 per cent growth followed by Delhi NCR and Hyderabad at a ...

Milkbasket raises $2.86 million from Flipkart Cofounder Sachin Bansal

30Apr By PriyankaNo Comments

FUNDING

Milkbasket raises $2.86 million from Flipkart Cofounder Sachin Bansal

India's leading online e-commerce platform Flipkart (now owned by Walmart) co-founder Sachin Bansal's firm BACQ invested $2.86 million (20 Crore INR) debt investment in daily grocery delivery service Milkbasket. The investment cycling will happen for a period of three years. "We are excited to have Sachin Bansal and BACQ on board. We have raised venture debt of Rs 20 crore for period of three years from BACQ," Anant Goel, Co-founder and CEO of Milkbasket said. Milkbasket has raised close to $16 million (about Rs 111 crore) from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures. It recently acquired Veggie India to further deepen its footprints in Delhi-NCR. "The venture debt will be used for investment in automation. We will also use it ...

Softbank Backed Online Grocery Platform Grofers Eyes Rs 200cr GMV in Sales

20Jan By AnkitaNo Comments

News

Softbank Backed Online Grocery Platform Grofers Eyes Rs 200cr GMV in Sales

SoftBank-backed Indian based online grocery platform Grofers aims to clock gross merchandise value (GMV) of over Rs 200 crore during its ongoing Grand Orange Bag Days (GOBD) sale. The company, which is running GOBD from January 19-27, said it has already crossed GMV of Rs 60 crore on the first day of the sale. GMV is a term used in online retailing to indicate the gross merchandise value of the products sold through the platform over a certain period of time. "We will exceed Rs 200 crore in GMV during the GOBD. On day 1, our GMV was Rs 60 crore with 76 lakh units being sold," Grofers co-founder and CEO Albinder Dhindsa said. He added that the company has unveiled a new cashback scheme during the sale called 'Orange Cash'. "We wanted to reward consumers and drive repeat behav...

BigBasket Seeks $500 Mn Funding to Battle American Giants

8May By Sheldan RungasamyNo Comments

News

BigBasket Seeks $500 Mn Funding to Battle American Giants

BigBasket, India’s leading startup in the online grocery market segment is holding talks with its existing investors to raise capital worth $500 million to compete with e-commerce market leaders Amazon and Flipkart (post-Walmart acquisition). BigBasket already raised a colossal $300 million funding led Alibaba Group Holding Ltd and others in February and are now beginning negotiations to raise between $300 to $500 million from the Chinese conglomerate and new investors, according to three anonymous sources close to the company. Although BigBasket is also holding talks with new investors, the sources believe that most of funds will be raised entirely from existing investors and majorly Alibaba. BigBasket is not in need of any additional funds right now, but it wants to be prepared ...

Big Basket Seeks Govt’s Approval For Rs 100 Crore FDI

25Oct By Press Trust of IndiaNo Comments

FUNDING

Big Basket Seeks Govt’s Approval For Rs 100 Crore FDI

Online grocery store Big Basket has sought government's approval to infuse Rs 100 crore foreign direct investment to further expand its business. The company, which sells fruits, vegetables and other food products online, plans to use the funds to strengthen back end infrastructure, increasing collection centers and processing units, sources said. According to a company official, foreign investment of Rs 100 crore is sought to be put in by existing investors, including an overseas venture capital fund. As per the current policy, 100 per cent foreign direct investment is allowed in trading of food products, including through e-commerce. But the proposals require approval from the Foreign Investment Promotion Board (FIPB), under the Finance Ministry. The government is making effo...

31Aug By PriyankaNo Comments

FUNDING

Zapmart to Raise $10 Million From First Round of Funding

Mumbai based online grocery startup Zapmart is all set to raise $10 Million in its first round of funding from investors. Zapmart which is a self-funded startup by Parvez Siddiqui has got a seed funding of Rs.3 Crore, which was led by two businessmen from the real estate sector. "The seed funding will be used to strengthen our technology backbone and logistics within Mumbai," said Parvez Siddiqui, founder of Zapmart. Zapmart is also keen to raise $10 million from its Series A round of funding, in which they are in talks with few angel investors and are looking out for large venture capital funds. “The Series A funds will be utilized for geographic expansion in Maharashtra and especially in Pune within this year. Another main usage of the funds will be utilized for turning k...