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Published
Sep 29, 2020
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BigBasket plans new funding round, eyes $2 billion valuation

Published
Sep 29, 2020

Online fast moving consumer goods retailer BigBasket plans to launch a new funding round, counting Singapore state investment firm Temasek as a potential investor, among others.

BigBasket retails groceries, cosmetics, and a wide range of lifestyle goods - BigBasket- Facebook

 
Other potential new backers for BigBasket’s upcoming funding round include U.S.-based Generation Investment Management, and hedge fund Tybourne Capital. BigBasket could raise between $350 million (Rs 2,328 crore) to $400 million in the funding round, including a primary infusion of $250 million to $300 million and secondary sale of shares, two sources told TNN.
 
Although BigBasket has not made a public comment on the funding round, sources told TNN that the move comes ahead of a potential public market offering by 2021. Following the upcoming funding round, BigBasket is expected to see its post-money valuation cross $2 billion.

Harnessing the e-commerce boom brought about by the pandemic and pan-India lockdown, BigBasket saw its annualised gross sale run-rate cross $1 billion in May this year. The business had to adapt its logistics network to adhere to new government regulations intended to slow the spread of coronavirus, but was still able to grow its business. 
 
Along with BigBasket, a number of large-scale online grocers grew their businesses during the lockdown and unlock time periods, making the market even more competitive. Reliance Industries Limited is continuing to expand offerings on its e-commerce platform JioMart, and both Flipkart and Amazon India are increasing their FMCG and grocery offerings to respond to the increased consumer demand.

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