Online grocer BigBasket has raised $50-60 million in a bridge round led by Alibaba and other investors including Mirae Asset and CDC Group in the bridge-round, as it scales its business in the country to meet growing demand from customers stuck at home.
The volume of orders has surged by up to 5 times, but it is struggling to find enough people to deliver items, because as many workers have moved to their hometowns or are cautious about working in the current environment
In the last one week, BigBasket has partnered with Uber and two-wheeler mobility firm Rapido to deliver groceries in select parts of India.
“The round materialised about two weeks ago. It’s a much-needed capital for BigBasket that has been witnessing a surge in demand due to Covid-19,” said one of the people cited above requesting anonymity. “Other existing investors including Mirae Asset and CDC Group also participated in the round.”