Emerging E-grocer BigBasket Powered by FuGenX, Raises $50m, Aims $1bn Value
“Emerging E-grocer BigBasket raises $50m, aims $1bn value – with their effort and our support”. The India’s largest online grocery store, BigBasket has raised additional $50 million (Rs 315 crore) fund from its existing investors led by Bessemer Venture Partners.
According to the Times of India report, BigBasket has also instructed Citigroup to raise $150 million (Rs 950 crore) from new investors. BigBasket is planning to utilize the targeted funds to enter 50 tier-II cities, which is expected to help BigBasket to reach $1 billion milestone, as report said.
The new round of funding from existing investors valued BigBasket at about $400 million. The private labels of BigBasket bring in around 33% revenue at the current time, which may reach 40% by the end of this fiscal year. The e-commerce market of India is estimated to raise to $300 billion by 2030, which is 15 times of the current market.
Also, it is expected the most of the e-commerce businesses in India will follow mobile-only strategy by 2030, according to the report. This report has encouraged game changing startups to set a trend with mobile-first and mobile-only strategies.
What is FuGenX’s Contribution in BigBasket’s Big Success?
If two hands are joined, clap. If many hands are joined, innovation and trend-setting. BigBasket is our one of the proudest customers. We had developed an innovative online grocery app for them and they used that as a magnetic tool to attract and retain the attention of customers.
Today, they are India’s largest online grocery store with their effort and our support. They are raising millions of funds from global venture capital firms such as Bessemer Venture Partners, Ascent Capital, Zodius Capital and Helion Venture Partners. Here, what made a difference, the innovation, strategy and supporting hands.
What Does FuGenX Do?
FuGenX is the world’s fastest growing mobility company, crowned with Deloitte Technology Fast 50 India & Fast 500 Asia-Pacific awards. We develop result-oriented mobile apps and games on iOS, Android, Windows and BlackBerry platforms for from start-ups to global enterprises. We have stepped forward with building innovative cloud computing, wearables and IoT solutions.
What innovative mobility solutions FuGenX offers startups to get recognized and global brands to lead the industry?
FuGenX has come up with three innovative mobility solutions – Fx RMP, Fx mChat and Fx mBasket, beside the prevailing mobile app and game development services. These solutions are developed with years of strategy to bring innovation in all sorts and scales of businesses. Let’s see what is our strategic innovation:
Fx RMP is an innovative app-driven solution that enables service providers to serve service seekers instantly with the help of Geo-based features.
Fx mChat is a customizable cross-platform social chat app solution running on the mobile platform, which is used to increase business performance by enhancing the personal interaction experience.
Fx mBasket is a pioneering m-commerce solution, which helps businesses to serve customers better in an innovative way through completely user-friendly mobile apps, which we offered BigBasket.