India’s grocery start-up Bigbasket gets $14.5 million in venture debt.
India’s Bigbasket, valued at about $1 billion, will receive $14.5 million in debt from local venture capital firm Trifecta Capital, the online grocery start-up said.
The deal comes months after Bigbasket closed $150 million in funding from a group of investors, including South Korea-based Mirae-Naver and Chinese e-commerce giant Alibaba Group, as per Reuters reports.
Bigbasket, which competes with Walmart owned Flipkart and Amazon.com, 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 give details on the nature of the debt.
By: Abhinav Ranjan, Editorial Desk, DKODING Media