Tata Group-backed BigBasket has initiated a fresh round of funding that could value the online grocery startup at around $3.5 billion, The Economic Times newspaper reported on Tuesday, citing sources.
Tata Digital Ltd, a unit of Tata Sons, and its investors are likely to lead the new round of funding, which could be as much as $200 million or more, according to three people briefed on the matter who spoke to ET.
In February 2021, Tata Group acquired a 64.3 per cent stake in BigBasket.
BigBasket and Tata Sons did not immediately respond to calls seeking comment.
"The company continues to grow 40 per cent annually as projected earlier internally. This financial year ending March 2023, the company is expected to generate sales of $1.5 billion (net of discounts)," one of the sources told the newspaper.
Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks