BigBasket raised $7 million funding from Trifecta Capital - Startup news, funding, investment, entrepreneurs, earn money, technology etc


Post Top Ad

Saturday, April 8, 2017

BigBasket raised $7 million funding from Trifecta Capital

Online grocer platform BigBasket has raised $7 million (Rs 45 Crore) funding from venture debt provider Trifecta Capital.

BigBasket parent company SuperMarket Grocery Supplies Pvt. Ltd said, it will use the funds to set up new warehouses, strengthen its cold chain and establish facilities to reprocess fruits and vegetables.

Also read: Perfios raised $6.1 million from Bessemer Venture Partners

BigBasket co-founder Hari Menon said, We have a clearly identified use case for debt. We are in the last leg of a pilot which will ensure that all fruits and vegetables are maintained at constant temperature and thereby improve the shelf life of the produce by almost 10 days. This will be done using large-scale equipment such as pre-coolers and ventilators. Funding such capex requirements is best done through debt.

BigBasket started in Bangalore and currently operates in 25 cities across the country. The company sells about 18,000 products and houses 1,000 brands including fruits, vegetables, meat, beverages and personal care products.

The company said that it saw 300% growth in revenue in the last one year and expects to cross the Rs 2,000-crore milestone by the end of this fiscal.

No comments:

Post a Comment

Post Top Ad