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Aya Lin · · 1 min readIn brief: BigBasket targets profitability as it bags $150m
- Indian online grocery platform BigBasket confirmed it has closed US$150 million in a funding round led by Mirae Asset-Naver Asia Growth Fund, Alibaba, and UK government-owned CDC Group, Economic Times reports.
- BigBasket has allocated US$100 million in capital expenditure to build infrastructure, technology, and supply chain, co-founder Vipul Parekh said.
- According to Parekh, BigBasket will operationally break even in six to eight months once it hits the US$800 million revenue run rate. The idea is to optimize the supply chain and technology, reduce logistics costs, and improve margins from its fresh and wholesale businesses.
- It also plans to set up more distribution centers across cities to cut delivery times to same day for 80% of orders by July this year.
Editing by Charmaine de Lazo
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