Grapevine: BigBasket raises $60 mn in bridge round; My Game Mate bags seed funding
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Online grocer BigBasket has raised up to $60 million in a bridge round of funding led by Alibaba along with other existing investors, four persons familiar with the matter told Entrackr

Other existing investors including Mirae Asset and CDC Group also participated in the round, said one of the persons cited above. However, the report mentioned that Entrackr couldn’t independently verify the participation of any new investor.

In March, BigBasket fully acquired micro-delivery start-up DailyNinja to consolidate its leadership position in the subscription delivery business.

It has been in the market to raise a new round almost a year now, said the person.

The other person added that the BigBasket’s valuation has remained flat in this round. It will help them extend the runway by over six months as the company’s monthly burn is up to $10 million.

Meanwhile, My Game Mate (MGM), a mobile gaming platform, has raised $200,000 in its seed round of funding from incubator CanQbate50, a TechCircle report disclosed.  

CanQbate50 aims to fund 49 more start-ups in the coming year. Launched in March, CanQbate50 is a joint initiative of business consulting firm Nucleus Advisors and Toronto-based incubator Venture Development Institute.

MGM said in a statement that it is looking to expand in the North American market with the funding. Previously, the company has raised $50,000 from high net-worth individuals (HNI’s).

In another development, New-Delhi based logistics management startup FarEye is raising $24 million in a fresh round of funding from new and existing investors.

The company passed a board resolution on April 4 to create, offer and issue equity and preference shares to four investors worth $24.49 million, according to FarEye’s Ministry of Corporate Affairs filings accessed by Inc42.

Also, Bengaluru-based real estate developer Embassy Property Developments Pvt. Ltd has raised $180 million (Rs 1,355 crore) in debt by pledging around 70% of its holding in Embassy Office Parks REIT for its working capital requirements and repayment of existing loans, two persons aware of the development told Mint.

Embassy and Blackstone hold close to 15% and 55% stake in the REIT respectively with the remaining being held by public shareholders.

“The loans have been raised from some family offices and lenders including the IIFL group. Embassy is looking to consolidate its debt through this transaction,” said a person cited above.

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