Friday’s US $32M funding round for Bigbasket seems to indicate that the online grocery sector is gaining traction in India
India’s e-commerce boom is at high velocity, but the nation’s online groceries sector has been a lot slower to take off. But Friday’s US $32M funding round for Bigbasket seems to indicate that this niche area is now gaining traction.
Bigbasket’s series B round comes from Helion Ventures and Zodius Capital, reports NextBigWhat. It comes a surprising two-and-a-half years after the startup’s US $10M round.
Bigbasket currently operates in three Indian cities – Bangalore, Hyderabad, and Mumbai. The new VC money will be used to expand its reach to 10 cities by the end of next year, says CEO and cofounder VS Sudhakar. The online grocer is handling 5,000 orders per day at present.
The startup is up against local rivals such as Zopnow and Ekstop. However, Zopnow only covers Bangalore, while Ekstop is restricted to Mumbai.
All these startups will get a shock soon when local retail giant Reliance starts its long-anticipated e-commerce business.
Editing by Josh Horwitz