Grapevine: BigBasket eyes Milkbasket, DailyNinja; SoftBank seeks $10 bn for Vision Fund

By Ankit Agarwal

  • 20 Mar 2020
Credit: Thinkstock

Online grocery major BigBasket is in talks to acquire micro-delivery startup Milkbasket and hyperlocal delivery startup DailyNinja, a media report said.

Milkbasket has also held discussions with other players like Swiggy, Amazon India and hyperlocal delivery platform Dunzo, The Times of India reported, citing three people briefed on the matter.

Milkbasket might be valued significantly below $15 million (Rs 112 crore at current exchange rates), one of the persons said.

The DailyNinja acquisition is almost complete, one of the persons said.

Both the deals will be distress sales and majority stock acquisitions, the people said. They will probably be done through share swap, fetching Bigbasket a higher valuation than the $1.2 billion it attained in its most recent round of funding last year, the people added.

Meanwhile, Bloomberg reported that Japanese internet conglomerate SoftBank Group Corp is looking to raise $10 billion to help its first Vision Fund support portfolio companies hit by the coronavirus pandemic.

Citing people with knowledge of the matter, the report said SoftBank has approached outside investors for $5 billion and that it will inject an equal amount itself.

The Vision Fund’s portfolio companies in India include budget hospitality firm Oyo, ride-hailing company Ola, baby products retailer FirstCry, online grocer Grofers, and fintech companies Paytm and Policybazaar.

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