BigBasket gets first tranche of Tata cash at $2 billion valuation
05 November 2024
BigBasket’s board has approved Tata Group’s purchase of a majority stake (64%) in the online grocery, a person aware of the matter said. The Bengaluru-based company has also received a primary capital infusion of $200 million at a post-money valuation of $2 billion, this person said.
Following the Tata-BigBasket deal, China's Alibaba Group and Actis LLP — which had acquired several portfolio companies of Abraaj Group including its stakes in BigBasket — have exited. Other investors such as Ascent Capital, Zodius, Sands Capital and serial entrepreneur K Ganesh, have also parted ways.
Alibaba and Actis were two of the biggest shareholders — with 25% and 16.77% stake, respectively — in BigBasket before the deal. As of February 2021, Ascent Capital held 8.7% of the company, Sands Capital 4.6% and Zodius 2.7%, shareholding data shows. K Ganesh had a little over 1% stake, according to data from Tracxn.
The Competition Commission of India (CCI) has also cleared the deal. However, neither BigBasket nor Tata Group have formally announced the acquisition.
Even as BigBasket gets ready for its journey under the Tatas, it aims to go public in the next two years, the person cited above told ET.
ET reported last week that BigBasket clocked $1.1 billion in gross sales in FY21 and is aiming to take the same to $1.7-$1.8 billion in the ongoing financial year.
BigBasket’s board has approved Tata Group’s purchase of a majority stake (64%) in the online grocery, a person aware of the matter said. The Bengaluru-based company has also received a primary capital infusion of $200 million at a post-money valuation of $2 billion, this person said. Following the Tata-BigBasket deal, China's Alibaba Group and Actis LLP — which had acquired several portfolio companies of Abraaj Group including its stakes in BigBasket — have exited. Other investors such as Ascent Capital, Zodius, Sands Capital and serial entrepreneur K Ganesh, have also parted ways. Alibaba and Actis were two of the biggest shareholders — with 25% and 16.77% stake, respectively — in BigBasket before the deal. As of February 2021, Ascent Capital held 8.7% of the company, Sands Capital 4.6% and Zodius 2.7%, shareholding data shows. K Ganesh had a little over 1% stake, according to data from Tracxn. The Competition Commission of India (CCI) has also cleared the deal. However, neither BigBasket nor Tata Group have formally announced the acquisition. Even as BigBasket gets ready for its journey under the Tatas, it aims to go public in the next two years, the person cited above told ET. ET reported last week that BigBasket clocked $1.1 billion in gross sales in FY21 and is aiming to take the same to $1.7-$1.8 billion in the ongoing financial year.
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