India’s Tata Group-backed BigBasket has raised a fresh round of funding that could value the online grocery startup at around $3.5 billion (roughly Rs 28,400 crore), 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 worth $200 million (roughly Rs 1,627 crore) or more, three people briefed on the matter said. spoke to ET.
In February 2021, the Tata Group acquired a 64.3 percent stake in BigBasket.
BigBasket and Tata Sons did not immediately respond to calls seeking comment.
“The company has continued to grow at 40 per cent year-on-year as per earlier estimates internally. The company expects sales of $1.5 billion (approx. Rs 12,207 crore) (net of discounts) for the fiscal year ending March 2023,” a source said. Newspaper.
Last month, Reuters reported that BigBasket had increased the number of delivery partners in its instant delivery division BB Now to 2,200 in the quarter ended June, from just 500 in the March quarter. The Tata Group-backed company aims to increase this number to another 6,000 by March 2023.
Online grocer BigBasket CEO TK Balkumar said, “There has been a sharp increase in the overall demand for gig workers and it is not fully supported by the increase in the pool size of delivery people… It is not a free flow,” told Reuters.
Other e-commerce companies such as BigBasket and Danzo have their own staff for delivery, while others rely on third parties to provide the service, such as cosmetics-to-fashion retailer Nykaa.
© Thomson Reuters 2022
