Bigbasket has finally entered the league of Unicorn club with latest $160 million round from Alibaba. UK Government-owned CDC Group and South Korea’s Mirae Asset Global investment. The financing round valued e-grocer over a little over $1.2 billion.
The firm would be the second Unicorn of this year. Earlier this month, logistics firm Delhivery had raised $413 million at a valuation of $1.6 billion.
Alibaba and CDC Group are putting $50 million each while Mirae pours in $59.9 million, reports Bloomberg Quint citing RoC filings.
The fresh proceeds would help BigBasket in fighting against Amazon and Grofers that raised $60 million from SoftBank as well as micro delivery platforms Milkbasket, Dailyninja and Suprdaily among others.