BigBasket Seeks $200 Million in Fresh Round of Funding: Report

India’s Tata Group-backed BigBasket has initiated a recent spherical of funding that might worth the web grocery startup at round $3.5 billion (roughly Rs. 28,400 crore), The Economic Times newspaper reported on Tuesday, citing sources.

Tata Digital Limited, a unit of Tata Sons, and its traders are prone to lead the brand new spherical of funding, which may very well be as a lot as $200 million (roughly Rs. 1,627 crore) or extra, in response to three individuals briefed on the matter who spoke to ET.

In February 2021, Tata Group acquired a 64.3 p.c stake in BigBasket.

BigBasket and Tata Sons didn’t instantly reply to calls in search of remark.

“The company continues to grow 40 percent annually as projected earlier internally. This financial year ending March 2023, the company is expected to generate sales of $1.5 billion (roughly Rs. 12,207 crore) (net of discounts),” one of many sources instructed the newspaper.

Last month, Reuters reported that BigBasket had ramped up the variety of supply companions in its instantaneous supply phase BB Now to 2,200 within the quarter ended June, from simply 500 within the March quarter. The firm, backed by the Tata group conglomerate, goals to additional increase the quantity to about 6,000 by March 2023.

“Overall demand for the gig workforce has seen a sharp increase and that is not completely supported by the increase in pool size of delivery people… It is not a free flowing pool,” TK Balakumar, chief working officer at on-line grocery vendor BigBasket, instructed Reuters.

BigBasket and different e-commerce companies reminiscent of Dunzo have their very own personnel for supply, whereas others reminiscent of cosmetics-to-fashion retailer Nykaa depend on third events for offering the service.

© Thomson Reuters 2022