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India’s hailing and one of the biggest online grocery store Startup – BigBasket has raised INR 45 crore from venture debt firm Trifecta Capital. The company has been seeking investments for around $100 million in the recent past, however was unable to close anything near to that. To keep up the operations and the growing demands served, the company has raised debt from Trifecta Capital.
The CEO and the Co Founder Hari Menon said “We have a clearly identified use case for debt. We are present in 25 cities and continue to optimize our supply chain. A significant part of our business is fresh fruits and vegetables, the bulk of which is sourced directly from farms. It is crucial that we maintain the quality right up to the last mile. We are in the last leg of a pilot which will ensure that all fruits and vegetables are maintained at constant temperature and thereby improve shelf life of the produce by almost 10 days. This will be done using large-scale equipment such as pre-coolers and ventilators. Funding such capex requirements is best done through debt.”
Other players like Flipkart and Amazon had been restless to capture the grocery market however with the recent fund crisis before Flipkart got strategic investment funds, Flipkart has dropped the idea of the expansion while Amazon is still trying to get the feeler before it could take plunge into a country as diverse as India.