MUMBAI 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, the investor said.
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.
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 (AMZN.O), which is aggressively investing in India, also launched a grocery delivery pilot in Bengaluru late last year.
(Reporting by Himank Sharma; Editing by Gopakumar Warrier)
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Published Date: Mar 22, 2016 02:37 pm | Updated Date: Mar 22, 2016 02:37 pm