BigBasket, an online grocery store of India has asked government to approve 100 crore INR foreign direct investment in order to expand its business.
BigBasket is known to be selling fruits, vegetables and other food products online and then delivering them at the customer's doorstep. As per the sources, it plans to use the fund in strengthening the existing infrastructure, increasing collection centers and processing units.
Apparently the government is making efforts to double the food processing level of fruits and vegetables.
As per the current policy, 100% foreign direct investment is allowed in trading of food products, including through e-commerce.
The Foreign Investment Promotion Board (FIPB), which works under the finance ministry, is the one which can approve the proposal.
Even though the officials have not confirmed the approval but it looks like the company is likely to attract more FDI soon, if sources are to be believed.