Steps:
1. At first draw a rectangle and color it with sky-blue and white gradient fill and no stroke.
2. Draw a Circle and color it with purple and white gradient fill and no stroke; then reshape the circle with "Direct Selection" Tool as shown in figure.
3. Copy and paste the object and resize it; then place it on the 1st object.
4. Again paste the previously copied object and resize it to make smaller than the 2nd object; place it on the 2nd object.
5 . Lastly make another object smaller than the 3rd object and place it on the 3rd object.
6. Select All and choose Object>Lock>Selection.
7. Now select the "Polygon" Tool and click anywhere on the work area; a window appears, set the value of  "Sides" by 16; then click ok.
8. Then by the "Direct Selection" tool reshape the polygon by tracing the objects you drawn before (as like the figure)
9. Color it with no stroke and black and white gradient fill.
10. Make two more similar polygon by copying the previous one; Color them light blue and white gradient and lemon yellow and white gradient respectively.
11. Make a basket with "Pencil" Tool and fill it with "Turtle" swatch and black stroke.
12. By selecting the "Rectangular Grid" Tool click anywhere on the work area; a window appears; set the value of  "Number" of Horizontal Dividers 1 and the value of "Number" of Vertical Dividers 7.
13. With the "Direct selection" Tool change the shape of the grid as shown in figure.
14. Color the grid with no fill and light ash colored stroke of "Thick Pencil" brush.
15. Your Balloon is going to take off !!