Online grocery retailer BigBasket is close to finalise a fresh round of financing which is likely to lap up m$15-16 million (around Rs 100 crore) to the company, according to an Economic Times report.
The Bengalurur based online firm is expected to use this funding to expand its food services business and cover more cities.
According to the ET report US based venture capital company Bessemer Venture Partners is most likely to lead the latest round of funding. It is speculated that the e-tailer has been valued around Rs 1,400 crore.
It had received funding of Rs 200 crore from venture capital firms led by Helion and Zodius Fund II with Avendus in September 2014. At that point of time the company was valued at Rs 600 crore. That means, within three months valaution of the firm more than doubled.
"The round with Bessemer closed in the last week of December," ET report quoted a source, who spoke on the condition of anonymity.
The company has raised a total of Rs 278 crore in funding before this transaction.
BigBasket delivers food items such as fruits, vegetables, bakery, dairy products and frozen foods, to customers.
By 2016, the Indian grocery market will have overtaken Japan to $566 billion (Rs 34 lakh crore) and become the world's third-largest, according to research firm IGD.