India-based online food and grocery store platform BigBasket, owned by Supermarket Grocery Supplies, has raised $150 million in funding.
The company secured the new funds from Mirae Asset-Naver Asia Growth Fund, Alibaba and CDC Group among others.
BigBasket, which for fiscal 2018 booked $232 million in revenue, noted that the latest funding propels its valuation to over $1 billion.
Moreso the company plans to invest in reengineering its supply chain, which includes setting up more distribution centres across cities to cut delivery times to the same day for 80 percent orders by July.