Bigbasket, which competes with Walmart Inc-owned Flipkart and Amazon.com Inc, will use the fresh funds to set up warehouses and boost its cold chain, the company said in a statement.
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India's Bigbasket, valued at about $1 billion, will receive $14.5 million in debt from local venture capital firm Trifecta Capital, the online grocery start-up said on Monday.
The deal comes months after Bigbasket closed $150 million in funding from a group of investors, including South Korea-based Mirae-Naver and Chinese e-commerce giant Alibaba Group.
Vipul Parekh, Co-founder of Bigbasket's parent group, noted that the venture debt allows the company to limit dilution for its shareholders, but did not provide details on the nature of the debt.