Entrackr-Startup Funding News (3)

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Entrackr

• Grofers News

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Latest Updates In E-Commerce Bigbasket News I
Grofers News

• As per Big Basket News, Online grocer Bigbasket
  has crossed an annualized gross sale run rate of
  1 billion for the first time in May, riding on
  strong consumer demand for grocery and essentials
  because of the Covid-19 pandemic.
• Grofers will become the second sector-focused
  online retailer after fashion portal Myntra, and
  horizontal e-tailers like Flipkart and Amazon
  India that sell all goods, to cross the
  billion-dollar sales mark. Myntra incorporates a
  gross merchandise value (GMV) of over 2 billion.
•  According to Bigbasket News, It's co-founder,
  and CEO Hari Menon told TOI it clocked Rs 650
  crore, or almost 90 million of sales, after
  discounts, in May which the sales growth trend
  remains steady in June too. The Alibaba-backed
  company is additionally looking to boost 250-300
  million from new and existing investors, eyeing a
  valuation within the range of 1.5-2 billion.
• The aim is to shore a monetary fund to fight the
  Reliance Industries-Facebook combine and
  diversify the investor base. Menon confirmed he
  had appointed Morgan Stanley and Goldman Sachs
  for the fund-raise, which are within the initial
  stages of the method, as mentioned by Big Basket
  news.

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Bigbasket News
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• We grew 35 on a month-on-month basis in April,
  so the subsequent two months we grew roughly
  about 18 and 20. It (the demand) is holding
  rather well. Including BB Daily, we are clocking
  3.5 lakh orders, which was around 2.2 lakh orders
  each day (before pandemic), mentioned by Menon
  to the Big Basket News. BB Daily may be a
  separate micro-delivery platform of Bigbasket,
  which delivers milk, bread and eggs on a
  subscription basis.The product mix has also
  changed on Bigbasket. In value terms, fruits and
  vegetables which wanted to be 16-18 of its
  business have now jumped to 20-22. The object
  (business) got advanced by 12-15 months.
  Operational profitability may be a few months
  away, he added. Menon said the expansion
  momentum will continue, supported the sales
  expansion of the last four months.
• While, Another instance within the e-retail
  segment - in line with Grofers News,Grofers is
  heading in the right direction to rack up 60-70
  million in new funding, sources told ET, because
  the online grocer registers a significant demand
  surge with more Indians shopping online for
  essentials amid a continued nationwide lockdown
  to stem the spread of the Covid-19 virus
  outbreak.Separately, it's projecting Ebdita-level
  profitability in May. Ebdita refers to a
  company's earnings before interest, depreciation,
  tax and amortization, and maybe a widely used
  measure of profitability.

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Startup Funding News

• Existing investors SoftBank Vision Fund et al.
  including Apoletto Asia, Sequoia Capital and
  Tiger Global are expected to back the web grocery
  retailer. The discussions are, however, not yet
  final, in line with Grofers News.
• Despite a rising in business, the capital raising
  is going to be at a valuation of around 650
  million, not much changed from when it raised
  money previously, as per Grofers News. The
  funding comes at a time when the companys sales
  and margins have doubled, compared to the
  identical period last year.
• Stay updated with more Grofers news and Big
  Basket News on Entrackr.

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