(Yicai Global) Feb. 2 -- Bigbasket.com, operated by Innovative Retail Concepts Private Ltd., India's largest online grocer, recently nabbed USD300 million in a financing round led by Alibaba Group Holding [NYSE: BABA], sina.com.cn reported today.

Bigbasket's valuation is USD950 million, just USD50 million under the magic USD1 billion mark that would turn it into a unicorn, said Hari Menon, its co-founder and chief executive. "We wanted a strategic investor and saw Alibaba as the best fit," he added.

India's retail market is worth more than USD900 billion, he noted. Bigbasket's rivals include India's leading online retailer Flipkart Online Services Private Ltd. and Grofers India Private Ltd.

Innovative Retail Concepts will furnish capital to build Bigbasket's farm networks and warehouses and distribution infrastructure to further cement its presence in more than 20 cities in which it already operates. This start-up, headquartered in Bangalore, capital of India's southern state of Karnataka, was jointly founded by Hari Menon and another four entrepreneurs. It sells various products, from fresh leafy greens to kitchen mops, mixed spices and Indian snacks.