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Bigbasket gets $14.5 million in venture debt from Trifecta

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

twitter-logo Reuters   Bengaluru     Last Updated: July 29, 2019  | 15:17 IST
Bigbasket gets $14.5 million in venture debt from Trifecta
Bigbasket to receive $14.5 million in debt from Trifecta Capital

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.

Also read: BigBasket to pump $ 100 million to boost supply chain by setting up vending machines

Also read: BigBasket enters unicorn club with $150 million funding; valued at $2.28 billion

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