Funding Alert

BigBasket looking to raise $200 million at over $3.5 billion valuation: Report


Online supermarket Bigbasket is reportedly in discussions with controlling shareholder Tata Digital and other partners to raise an extra $200 million.

Bigbasket, an online grocery delivery service suported by Tata Digital, has reclassified it’s almost Rs 26 crore authorised share capital in order to raise $200 million from its largest shareholder and other current stakeholders.

According to The Economic Times, Tata Digital, which owns close to 62% of Bigbasket, would take the lead on the new financial infusion, which is expected to value the business at $3.5 billion. Inquiries from YourStory regarding the development went unanswered by Bigbasket.

When Tata Digital paid $375 million for the majority interests in Bigbasket in May 2021, the firm was valued at $1.8 billion.

BigBasket looking to raise $200 million at over $3.5 billion valuation

With the debut of its quick-commerce vertical BBNow in December 2021, Bigbasket has been actively expanding and will now face stiff competition from well-funded rivals like Instamart by Swiggy, Zomato’s grocery delivery service through Blinkit, and quick commerce player Zepto.

A corporate executive previously told YourStory that once it meets its goal of opening 300 dark stores by the middle of August, the company will probably look for interim approval to raise the number of outlets it has for the BBNow business.

Supermarket Grocery Supplies Private Limited, the holding company of Bigbasket, recorded Rs 8,502.8 crore in revenue from operations for FY 2022, an increase of 29.6% from Rs 6,558.2 crore in FY 2021. Compared to the prior year, the holding company’s losses increased by about 150%, or Rs 1,040 crore.

 

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