The five founders started their first online business, Fabmart.com161, in 1999. The online grocery division of this business was launched in 2001, and the company grew exceptionally. They also started a succession of grocery supermarkets called Fabmall in Southern India, which the Aditya Birla group acquired in 2006, rebranding it as More. But the founders were still too adamant about establishing something bigger in the grocery market of India and finally launched Bigbasket in 2011.
The company raised around $10 million in the first round of funding from Ascent Capital. By 2014, the company was growing massively in three major cities, confirming over 5,000 orders every day. In March 2016, the company raised $150 million from Abraaj Capital in Series D funding. In the same year, the company also crossed targeted 10 million customers orders and also received 1million orders in a single month. By June 2017, the company raised around $290 million in total from 8 rounds of funding and 11 investors. In the same year, the company’s most lucrative investors were Paytm and Alibaba, from whom the company raised $280 million in the Series E funding. Some of the investors who participated in the investment rounds of Bigbasket are Bessemer Ventures, Helion, Zodius, LionRock Capital and Meena Ganesh.
The company allows customers hassle-free browsing through the products and relaxed shopping. Today, Bigbasket sells more than 12,000 varieties of products of 1,000 different brands in 25 cities.
According to some estimates from the experts, the company may value over $1.2 trillion by 2020.