The group is looking to raise more private capital to expand India footprint before the IPO
After raising USD 200 million, the Tata Group-owned online grocer BigBasket is looking to make any IPO foray by 2025. BigBasket is presently valued at USD 3.2 billion. According to media reports, the e-commerce major will launch an initial public offering over the next 24 to 36 months. However, the group is looking to raise more private capital to expand India footprint before the IPO.
BigBasket aims to deploy the USD 200 million raised last week to augment its ecommerce arm and expand operations across the country. The company is looking to have a major slice of India’s booming e-commerce market, which is presently dominated by giants like Amazon, Reliance and Flipkart. The company is looking to increase the number of dark stores supplying BB Now, a quick commerce format which promises deliveries of household staples within 30 minutes, from about 200 to 300 outlets by March 2023. BigBasket, which has presence in 55 cities, plans to reach upto 75 cities by the same period. It is also looking to add 80-100 new towns into its existing list of 450 pan-India, the reports added.