India’s BigBasket looks to raise $200 million at up to $3.5 billion valuation- ET
2022.09.27 02:37
© Reuters. FILE PHOTO: An employee scans a package for an order at a BigBasket warehouse on the outskirts of Mumbai November 4, 2014. REUTERS/Danish Siddiqui/
BENGALURU (Reuters) – India’s Tata Group-backed BigBasket has initiated a fresh round of funding that could value the online grocery startup at around $3.5 bln, The Economic Times newspaper reported on Tuesday, citing sources.
Tata Digital Ltd, a unit of Tata Sons, and its investors are likely to lead the new round of funding, which could be as much as $200 million or more, according to three people briefed on the matter who spoke to ET.
In February 2021, Tata Group acquired a 64.3% stake in BigBasket.
BigBasket and Tata Sons did not immediately respond to calls seeking comment.
“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),” one of the sources told the newspaper.
