Tata-owned BigBasket received $200 M funding, valued at 3.2 B
According to sources, BigBasket, an online supermarket with operations in India and controlled by the conglomerate Tata Sons, received $200 million at a valuation of $3.2 billion.
Economic Times was the first to report the news.
The e-grocery company was valued at US $2.7 billion in March as a result of a secondary share sale.
BigBasket was purchased by Tata Sons through its subsidiary Tata Digital in 2021. BigBasket was founded in 2011 by Menon and four other partners, V S Sudhakar, Vipul Parek, Abhinay Choudhari, and V S Ramesh, out of a modest office in Bengaluru.
BigBasket, which primarily focuses on online grocery, has recently branched out into rapid commerce with BB Now and subscription-based service through BB Daily. The platform also runs The Cosmetics Store, an online beauty store, and Fresho Meats, an immediate meat delivery service. Fresho Stores even provides offline grocery services.
According to the ET article, the corporation also intends to integrate Tata Digital’s 1mg online pharmacy into the platform.
According to Menon, around $40 million to $50 million of the new cash would be utilized to grow BigBasket’s quick-commerce division. He noted, however, that due to “lower average order value,” quick-commerce cannot be a “standalone operation”.
BigBasket, which focuses exclusively on online grocery, entered the quick-commerce sector after its competitors Zepto, Zomato’s Blinkit, and Swiggy Instamart had captured 80% of the market.