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Online Grocer BigBasket Raises Rs 45 Crores Venture Debt From Trifecta Capital

Smruthi Kishore

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The online grocery market BigBasket has raised Rs. 45 crores from Trifecta Capital as venture debt. This funding is all done for setting up a new cold chain and warehousing facility which will offer facilities for reprocessing of fruits and vegetables.

CEO of BigBasket Hari Menon said: “We are currently present in 25 cities and continue to optimize our supply chain. A significant part of our business is fresh fruits and vegetables which are directly sourced from the farms. It is important that we maintain the quality right up to the last mile.”

He also added saying that they are on the last leg of a pilot which will ensure that all fruits and vegetables are maintained at constant temperature and thus improve the shelf life of the product by almost 10 days. This can be achieved by equipment such as pre-coolers and ventilators and that funding such CapEx requirements is best done through debt.

This e-grocer saw its sales grow 231% to Rs. 563 crores in the financial year ending March 2016. However, net losses zoomed to Rs. 277 crores from Rs. 61 crores as they signed up big stars as Shah Rukh Khan as a brand ambassador, increasing the cost per delivery and expenditure incurred on setting warehouses.

Abraaj Capital, Zodius Capital, Helion Venture Partners, Ascent Capital as well as World Bank’s IFC are some of the investors of BigBasket.

BigBasket clocks an average of 50,000 daily orders while its competitor Grofers does around an average of 10,000 orders.

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5 Major Tech Acquisitions In The World

Startup Admin

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5 Major Tech Acquisitions In The World,Startup Stories,Startup News India,Biggest Tech Acquisitions 2018,World 5 Major Tech Acquisitions,Tech Acquisitions In World,Top 5 Tech Acquisitions,Largest Tech Acquisitions in World,Latest Tech News India,Startup Business Funding

There is nothing more satisfying for startups, than established companies recognising them for performance and growth. To facilitate this recognition, money has never been lacking, especially in the form of acquisitions. Going by this tune here is taking a look at five of the largest tech acquisitions in the world!

1. Microsoft buys Skype for $ 8.5 billion 

It was the year 2011 and Skype was entering the world of a technological revolutions. People were moving away from the traditional calling system to sophisticated platforms, with Skype setting the trail blazing. While not a lot of people thought Skype would succeed,  Microsoft’s interest in the company cemented the fact Skype was here to stay. Incidentally, Skype was one of eBay’s first acquisitions in the year 2005. However, eBay could not create a market for itself in the industry and had to sell Skype. Skype is still going strong, but it has many more competitors these days in the form of messaging apps with built in voice calling features.

2. Google buys Motorola for $ 12.5 billion 

In 2012, Google was primarily known for being one of the fastest search engines, while Motorola was an emerging name in the world of smartphones. When news came of the search engine wanting to take over this new smartphone company, people were skeptical. However, one of the major reasons this deal made it to the headlines was because Google not only acquired an emerging smartphone company, it also got the patent rights of Motorola! This acquisition was Google’s largest to date. However, despite promises, the search engine could not keep up with the growing trends and was forced to unload $ 2.9 billion from its initial investment. Can Google really keep up with the growing trends, or is it too much to expect from a seemingly strange acquisition such as this?

3. Walmart buys Flipkart for $ 16 billion 

The Flipkart acquisition by Walmart was one of the most intriguing acquisitions in recent history. Flipkart was already an emerging e commerce platform, with its arms wide spread and reach constantly growing. Walmart, on the other hand had been looking at entering the Indian e commerce platform for a while and with Flipkart’s acceptance, the deal was made all the more sweeter! Post this deal, the e commerce world certainly took a completely different route in terms of change and growth!

4. Facebook buys WhatsApp for $ 19 billion 

WhatsApp and Facebook on their own were strong forces in the field of technology and innovation. Built with the intention to connect people all over the world with ease, this acquisition was not out of the blue because, Facebook has a history of acquiring platforms that enhance its future growth. The $ 19 billion acquisition of WhatsApp by Facebook marked a serious shift in industry trends. The 2014 deal, which could have cost the social media network up to $ 22 billion when all was said and done, netted it more than just a hugely popular internet based messaging app. Through the takeover, Facebook also got access to a data base of over  700 million users, marking this as one of the largest social media platform acquisitions in the world.

5. Microsoft buys LinkedIn for $ 26 billion 

One of the most epic takeovers by Microsoft was that of LinkedIn. As a platform, LinkedIn was new, growing and entertaining. LinkedIn provided people in the know about where to look for jobs and how to look for them. However, being a relatively new entrant into the field, LinkedIn did not have the user base to connect with a large audience. With Microsoft, LinkedIn saw new light and new customers. At $ 26 billion, not only was this the third tech acquisition by Microsoft, it was THE largest investment made by Microsoft at that point.

Tech acquisitions are interesting. They make people want to explore, create and evolve, with an eye on the future. For more information on things happening in the tech world, do not forget to like, subscribe and comment!

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Jeff Bezos: Amazon’s Boss Is the Richest Man In Modern History With A Net Worth $150 Billion!

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Jeff Bezos is the richest man in modern history, are you listening people?

This fascinating news comes right after the e commerce giant Amazon’s stock price surged after its Prime Day sale. According to the Bloomberg Billionaires Index, Amazon.com Inc., founder’s net worth crossed $ 150 billion in New York, recently. Jeff Bezos who is 54 years old, surpassed Bill Gates in inflation adjusted terms. The $ 100 billion mark that Gates hit briefly in 1999 at the peak of the dot com boom in the US, would be now worth about $ 149 billion in today’s currency rate. Henceforth, making the Amazon chief executive officer richer than anyone else on earth since, how cool is that! The American CEO amassed more wealth than anyone, since 1982. That was the year in which Forbes started publishing its top 20 billionaires of 1982 list. Currently, the tech giant Microsoft’s founder Bill Gates stands second in the list followed by Warren Buffet, Bernard Arnault, Mark Zuckerberg and other executives. Bezos’ net worth has soared by $ 52 billion this year, which is more than the entire fortune of Mukesh Ambani, the newly crowned richest person in Asia. It also climbs Bezos’ personal fortune within spitting distance of the Walton family’s $ 151.5 billion. The Waltons are the world’s richest dynasty.

Amazon was founded by Bezos in the year 1994 as an online book store. Later it went ahead to expand its operations to sell a variety of products. Bezos first appeared on the Forbes 400 list of America’s richest people in 1998, with a net worth of $ 1.6 billion, a year after Amazon made its debut in the public market. After years of struggle and hard work, this e commerce giant announced its 304 million active member accounts toward the end of 2015. Moving on, Amazon’s stock soared by 60 % and its market values more than $ 890 billion.

Apart from Amazon, Jeff Bezos owns the American newspaper company Washington Post and the aerospace manufacturer Blue Origin.

 

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Fosun To Focus On Emerging Start Ups In India

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Fosun International Ltd., a Chinese conglomerate, founded in 1992, recently, expressed an interest to invest in the early stage start ups in India. Fosun is engaged in financial, property, steel and healthcare business. The Chinese investment company is looking forward to the Indian startup ecosystem as it has immense potential to grow further, in the near future. Previously, Fosun was eyeing mid and late staged equity investments in India. However, from now onward, it will focus on those ventures that are in their initial stages. Not only that but the Chinese company is also building a team to look for various opportunities in India.

According to the Managing Director and Head of Fosun, Mr. Tej Kapoor, the company is in the process of closing three deals where the amount is expected to be in an enormous sub million range. In the beginning, Fonus had invested in various firms including Delhivery, MakeMyTrip, Kissht and Ixigo. Mr. Kapoor said Initially, our focus was Series B and other public equity deals… Now, we are going to go into an even earlier stage… These are going to be super angel or seed rounds. These are based on our specific knowledge of sectors that we have great experience of in the Chinese market.

The upcoming investments would be made through Fosun’s venture, Fosun RZ Capital. This venture paved its way in India 18 months ago with its main focus on early stage investments, Fosun, going forward, will focus a bit more toward the emerging start ups when compared to the mid and late stage ventures!

Mr.Kapoor added,

We are extremely pragmatic and value conscious and are not going to get into a bidding war. We are careful about the valuations that are offered, as well as the value add that we can bring to the table.

The Chinese company is in the process of boosting up its team in the country. The team is likely to consist of nine members who would look for emerging start ups in the Delhi NCR, Mumbai and Bengaluru in the coming months.

 

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