Online grocery retailer BigBasket is planning to raise $200 million in new raound of funding. The Tata Digital-backed tech company is being valued at $3-3.5 billio, ETtech reported three people aware of the matter. Tata Digital and existing shareholders are likely to participate in the funding round, the report added.
BigBasket's holding company, Supermarket Grocery, in which Tata owns 64 per cent stake filed documents with the Registrar of Companies (RoC) to raise the authorise share capital of the company.
The infusion comes as BigBasket has been expanding core offerings steadily while venturing into quick commerce against rivals such as Swiggy’s Instamart, Reliance Retail-backed Dunzo, Zepto, Blinkit and others.
With over 18,000 products and over a 1000 brands in its catalogue BigBasket offers a whole range of grocery products ranging from fresh fruits and vegetables, rice and dals, spices and seasonings to packaged products, beverages, personal care products, meats etc.
According to the people mentioned above, BigBasket’s long-term plans for share sale via initial public offering (IPO) remain in place and are expected within a period of two years.
BigBasket had said at the time of the Tata deal that it would eventually explore a public offering, without giving any timeline.
Tata Digital last year acquired majority stake in BigBasket by purchasing 64 per cent stake in its parent company Supermarket Grocery Supplies. China’s Alibaba Group and Actis LLP have now exited the Bangalore-based company.