July 29, 2019 / 7:24 AM / 2 months ago

India's grocery start-up Bigbasket gets $14.5 million in venture debt

Employees arrange tomatoes before weighing them at a Big Basket warehouse on the outskirts of Mumbai November 4, 2014. REUTERS/Danish Siddiqui/File Photo

BENGALURU (Reuters) - 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 on Monday.

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.

Bigbasket, which competes with Walmart Inc-owned Flipkart and Amazon.com Inc, 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 provide details on the nature of the debt.

Reporting by Sachin Ravikumar, Editing by Sherry Jacob-Phillips

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