Bigbasket likey to raise funds through IPO: Report
Mumbai/IBNS: Tata Group’s Bigbasket is likely to go for an Initial Public Offering (IPO) within three years after the online grocer was valued at $ 3.2 billion after the latest fundraising, media reports said.
The company is focusing on expanding its pan-India reach and may consider an IPO in the next 24-36months, Chief Financial Officer Vipul Parekh was quoted as saying by Bloomberg.
The $200 million raised will be used to strengthen the quick commerce company and increase its countrywide presence as it plans to establish dominance against rivals like Amazon and Reliance Retail.
The money raised will be spent equally on capital expansion and marketing in newer territories, according to Parekh, said the report.
Bigbasket will increase the number of dark stores supplying BB Now from 200 to 300 outlets by March.
BB Now is the quick commerce arm of Bigbasket that promises to deliver household staples in 30 minutes.
Bigbasket currently operates in 55 cities and wants to expand to 75 cities in the same period, Parekh said, adding that the firm also has a presence in about 450 towns and that could increase by 80 to 100 over the next year, the report stated.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Chief Minister kicked off grand ‘Mayer Goman’ festival amidst huge crowd
Two Indian men jailed, caned for robbing and assaulting sex workers in Singapore hotels
Pakistan offers Trump $1.2 billion Pasni port project near India’s Chabahar in bid to reset US ties
Antonio Guterres ‘encouraged’ after Hamas indicates willingness to release Israeli hostages
