The online grocer Bigbasket is looking forward to invest the equal amount which it had invested last year in March of amount Rs $150 million. The company will approach the investors to invest the equal amount in the Company.
“Bigbasket currently has cash to sustain for the next 18 months, “one of the two people cited above said, requesting anonymity.” The formal fundraising process will begin post-March but talks are presently underway to finalize the exact quantum of funds, which in all probability is going to be $150 million and will possibly be the last round before and IPO.”
Bigbasket raised the funds when the market was slow
The company raised $150million in March amid a funding slowdown even as rivals PepperTap and Localbanya shut down. The company’s chief executive officer Hari Menon, Confirmed that the next fundraising will happen March but he declined to reveal how much the company was planning to raise.
It is very early to talk about it as we haven’t decided on any exact funding figure yet be we do plan to start the fund raising process after March 2017, he said. “He further added, I am not in the position to say if we will go for an IPO and not after the next round,”
Company expects to generate revenue of Rs 1,800 core for the next financial year
According to sources “Bigbasket made close to RS 750 crore in the last financial year from private label sales alone,” Bigbasket plans to use the additional funds to enhance its private label offering and operationally break even in all levels, the person added.
Mint reported that Bigbasket operates 25 warehouses and 63 dark stores. The company claims to have 3million repeat customers and is targeting revenue of RS 1,800 core in the financial year 2017.
