Since the pandemic, the online grocery market is witnessing an exponential growth. After Reliance, the Tata Group is also keen to entire this segment. The group wants to partner with BigBasket. For starters, the Tata group is planning to join the fundraising of Alibaba-backed BigBasket as it plans to raise $200 million from investors.
Along with Tata, Singapore's Temasek Holdings and US-based Generation Investment Management will also be a part of the fundraising. With the latest fundraising deal, the company will be valued at $2 billion, which is 40% premium to its last fundraise, as per news source. The deal is supposed to be a primary capital, which BigBasket will use to expand its footprints and boost growth.
The online grocer, BigBasket has big plans for the India market. If reports are to be believed, the start-up is planning to launch initial public offering in the next two years. Most likely, this funding round is going to be last before the formal IPO launch.
The start-up has appointed Goldman Sachs and Morgan Stanley to help raise funds. Notably, the Tata group has a huge presence in large offline as well as FMCG retail stores. The company's online retail venture, Tata CLiQ, which started in 2016 is far behind than top three rivals Reliance Retail, Amazon and Flipkart.
See What’s Next in Tech With the Fast Forward Newsletter
Tweets From @varindiamag
Nothing to see here - yet
When they Tweet, their Tweets will show up here.
