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  Business   Companies  29 Jul 2019  Grocery start-up Bigbasket gets USD 14.5 million in venture debt

Grocery start-up Bigbasket gets USD 14.5 million in venture debt

REUTERS
Published : Jul 29, 2019, 2:18 pm IST
Updated : Jul 29, 2019, 2:23 pm IST

Bigbasket will use the fresh funds to set up warehouses and boost its cold chain.

The deal comes months after Bigbasket closed USD 150 million in funding from a group of investors.
 The deal comes months after Bigbasket closed USD 150 million in funding from a group of investors.

Bengaluru: Bigbasket, valued at about USD 1 billion, will receive USD 14.5 million in debt from local venture capital firm Trifecta Capital, the online grocery start-up said on Monday.

The deal comes months after Bigbasket closed USD 150 million in funding from a group of investors, including South Korea-based Mirae-Naver and Chinese e-commerce giant Alibaba Group.

 

Bigbasket, which competes with Walmart Inc-owned Flipkart and Amazon.com Inc, will use the fresh funds to set up warehouses and boost its cold chain, the company said in a statement.

Vipul Parekh, co-founder of Bigbasket’s parent group, noted that the venture debt allows the company to limit dilution for its shareholders, but did not provide details on the nature of the debt.

Tags: bigbasket, venture capital, investment, funds, investors
Location: India, Karnataka, Bengaluru