BigBasket 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.
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