Online grocery delivery service BigBasket has raised $150 million in fresh funding in a round led by UAE’s Abraaj Group as the company looks to expand its services into smaller cities.
Abraaj has been present in India since 2006 and the partnership with BigBasket marks its third investment in India.
Existing investors Bessemer Venture Partners and Helion Advisors along with International Finance Corp and Sands Capital participated in the round, Abraaj said in a statement.
Bengaluru-headquartered BigBasket currently operates in 18 cities and averages five million monthly unique visitors and executes over one million orders per month.
Online grocery sales is a fast-growing segment in India’s e-commerce industry as more consumers log in to the Internet for their purchases.
Rival Grofers, an app-based service that connects local stores to customers, raised $120 million from Japan’s Softbank last year to expand operations.
Amazon.com Inc, which is aggressively investing in India, also launched a grocery delivery pilot in Bengaluru late last year.
Big Basket’s Express Delivery allows users to order products and get them delivered to their doorsteps in 60 minutes
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