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.
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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.
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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).”
