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BigBasket raises Rs 100 crore from Trifecta
Trifecta Capital on Monday said it has provided Rs 100 crore in venture debt to SuperMarket Grocery Supplies - which operates online food and grocery portal Bigbasket.com.
New Delhi: Trifecta Capital on Monday said it has provided Rs 100 crore in venture debt to SuperMarket Grocery Supplies - which operates online food and grocery portal Bigbasket.com.
"This is the largest venture debt transaction in the country...The funds will be used to meet the working capital and capex requirements of the company," a statement said.
This includes setting up new warehouses, strengthening the cold chain, facilities for reprocessing of fruits and vegetables and for scaling-up of its supply chain for the recently launched milk subscription business - BB Daily and its specialty vending machine business - BB Instant, it added.
"We have a clearly identified use case for debt. We are present in 26 cities and continue to optimise 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. Funding such capex requirements is best done through debt," SGS co-founder Hari Menon said.
