According to reports, India''s Tata Group-backed BigBasket has initiated a new round of financing that would put the online grocery business at around $3.5 billion (approximately Rs. 28,400 crore) according to a press conference on Tuesday.
According to three people who spoke on the matter, Tata Digital Limited, a subsidiary of Tata Sons, and its investors are expected to lead the next round of funding, which might be up to $200 million (roughly Rs. 1,627 crore) or more.
Tata Group acquired a 634.3 percent share in BigBasket in February 2021.
BigBasket and Tata Sons did not respond immediately to calls seeking feedback.
"The company continues to grow 40 percent annually as projected earlier internally. This financial year ended March 2023, the company is expected to generate sales of $1.5 billion (roughly Rs. 12,207 crore) (net of discounts), according to a source.
Last month, Reuters reported that BigBasket had increased the number of delivery partners in its instant delivery segment BB Now to 2,200 in the quarter ended June, from just 500 in the March quarter. The firm, funded by the Tata group consortium, hopes to further increase the number to 6,000 by March 2023.
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"Overall demand for gig employees has seen a dramatic rise, which is not backed by the increase in the pool size of deliverers," TK Balakumar, the chief operating officer of BigBasket, told Reuters.
BigBasket and other e-commerce firms such as Dunzo have their own personnel for delivery, while others, like cosmetics-to-fashion retailer Nykaa, depend on third parties for providing the service.
2022, Thomson Reuters