BigBasket to raise US$ 200 million at a valuation of US$ 3.5 billion: Report
BigBasket, a grocery retailer owned by Tata Digital, is expected to raise US$ 200 million at a US$ 3-3.5 million valuation, according to a report in Economic Times (ET). Tata Digital and other shareholders are likely to provide the funding for the round. The company plans to use the additional funding to extend its core services in order to compete with competitors like Dunzo, Zepto, Swiggy Instamart, and others.
BigBasket is only the second company of its kind in the country to have sales over US$ 1 billion in 2021. The company is expected to surpass sales of US$ 1.5 billion by the end of FY23.
BigBasket's management has a share lock-in that lasts until September 30, 2022. Meanwhile, they are permitted to sell up to 10% of their shares without Tata Digital's permission.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.