Big Basket plans to use the newly-infused funds to deepen its presence in existing markets with development in its first mile, scaling up supply chain capabilities and developing new reseller channels. This investment also marks Mirae Asset Financial Group’s largest investment in the Indian internet sector. Big Basket last raised $300 million in February 2018 as part of its series E financing which was led by the Alibaba Group. Big Basket competes with the likes of SoftBank-backed Grofers, Walmart-backed Flipkart, and Amazon. The funding will help Big Basket battle these companies which have deep pockets and have been aggressively growing in this sector.

Source: Mint May 06, 2019 09:11 UTC