Tata Group-backed BigBasket has initiated a fresh round of funding that could value the online grocery startup at around $3.5 billion. BigBasket’s existing investors, including Tata Digital are expected to lead the funding round.
In February last year, Tata Group acquired 64.3% stake in BigBasket. Bengaluru-based BigBasket’s holding company Supermarket Grocery filed documents with the Registrar of Companies (RoC) recently about plans to increase the authorised share capital of the firm, indicating a fresh cash infusion on the cards.
BigBasket has been expanding its core offerings steadily while venturing into quick commerce. One of the company’s spokespersons said, “The company continues to grow 40% annually as projected earlier internally. This financial year ending March 2023, the company is expected to generate sales of $1.5 billion (net of discounts).”
