Source: Business Standard, May 06, 2019
New Delhi: Mirae Asset-Naver Asia Growth Fund (Mirae-Naver), a leading investor operating in global growth markets, the UK Government’s development finance institution,CDC Group, and Alibaba Group said on Monday they have led a $150-million round of fundraising for Supermarket Grocery Supplies (SGSPL), which owns the Bigbasket brand.
The round values Bigbasket at over $1 billion, according to the company, making it the newest Unicorn out of India. Business Standard first reported the deal on March 28.
The financing round, which Mirae-Naver has led through one of its funds, marks the group’s largest investment in India. Mirae Asset-Naver Asia Growth Fund is a joint venture between Seoul-based Mirae Financial Group and Naver Corporation, South Korea’s leading internet company. Alibaba Group, which had previously led the Series E round at SGSPL in 2017, participated in the current financing round as well. The Jack Ma-led group aims to enable the growth of local Indian companies like SGSPL, as more users come online in the country. Read the rest of this entry »