Tata’s Bigbasket eyes IPO by 2025 after $200 million fundraising, Tata Group’s Bigbasket may list its shares within three years after the latest capital raising valued India’s largest online grocer at $3.2 billion.
The Bengaluru-based e-commerce firm, which is focusing on expanding its pan-India reach, may choose to launch an initial public offering in 24 to 36 months but was open to raising more private capital before that, Chief Financial Officer Vipul Parekh said in an interview Wednesday. Join Our Telegram Channel
The $200 million Bigbasket announced this week it had raised will bolster its quick commerce arm and expand its countrywide footprint as it looks to cement its dominance over the sector giants including Amazon.com Inc. and Reliance Industries Ltd.
While deploying the fresh funds, there will be an “even split” between capital expansion and marketing in newer territories, according to Parekh. Bigbasket will increase the number of dark stores supplying BB Now — its quick commerce format which promises deliveries of household staples within 30 minutes — from about 200 to 300 outlets by March. Join Our Instagram Channel
Bigbasket currently operates in 55 cities and wants to expand to 75 cities in the same period, Parekh said. The firm also has a presence in about 450 towns and that could increase by 80 to 100 over the next year, he added.