BigBasket which is a grocery e-retailer, has now secured INR 100 crore in the venture debt from the Trifecta Capital to fund working capital needs and invest in supply chain and warehousing.
The investment comes into place after the Supermarket grocery Supplies which runs and owns BigBasket, closed a $150 Million in funding from Alibaba, CDC Group and Mirae Asset Naver Asia growth at a valuation of around $1 Billion.
The funds will be going to be used to set up the new warehouse, set up facilities to reprocess fruits & vegetables, strengthen cold chain and scale up its milk subscription business- BB Daily and the vending machines business – BB Instant.
“A significant part of our business is fresh fruits and vegetables, the bulk of which is sourced directly from farms. It is crucial that we maintain the quality right up to the last mile. Funding such capex requirements is best done through debt,” said Hari Menon, cofounder, BigBasket.