Tata Group's e-commerce grocer BigBasket is likely to list its shares in the primary markets within the next three years after being valued at $3.2 billion, according to a Bloomberg report.
The Bengaluru-headquartered online supermarket's Chief Financial Officer (CFO) Vipul Parekh has said in an interview that the firm might launch an initial public offering in the next 24 to 36 months. He, however, clarified that BigBasket is open to more fund raising before getting listed.
BigBasket has raised $200 million this week from its primary investor Tata Digital. This is expected to boost the e-commerce firm's attempt at expanding its reach. The CFO believes that capital expenditure and marketing will receive equal weightage when it comes to deployment of new funds.
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BB Now–the company's quick commerce product–will also get a push from the latest round of fundraising. Parekh added that the company also plans to expand its operations to 75 cities from the present count of 55 cities.
When it comes to towns, the company is aiming at 80-100 per cent increase in presence in the next one year. Presently, BigBasket operates in about 450 towns.
Tata Digital owns a 64.3 per cent stake in BigBasket’s parent company Supermarket Grocery Supplies. UK-based CDC Group and Mirae Asset are among the other investors in Supermarket Grocery Supplies.
In the e-commerce space, BigBasket’s competitors include Amazon, Reliance and Flipkart.
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