According to media reports, BigBasket has raised $200 million in new funding, bringing the Tata Digital-owned e-valuation grocer’s to $3.2 billion.
In addition to Tata Digital, which owns 64 per cent of the company, other investors also participated in the funding round.
When compared to the previous primary cash infusion, the company’s valuation has now increased by 60 per cent. Other investors in BigBasket parent Supermarket Grocery Supplies include Mirae Asset and the UK’s CDC.
Hari Menon, co-founder and CEO, stated that the new funds will be used to strengthen infrastructure and increase marketing in order to expand the core grocery business.
It will also increase its investment in its quick commerce product BigBasket Now, which entered the market relatively late.
In September, the e-grocer said it was looking to raise $200 million and was valued at $3-3.5 billion post-money. It was valued at $2.7 billion in a secondary share sale in March.
BigBasket intends to expand its main e-grocery business to approximately 75 cities, up from the current count of 55. It also intends to integrate other services, such as the subscription-based BB Daily and Tata Digital’s epharmacy offering, into its main app 1mg.
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