BigBasket may consider raising $150 mn post March

Moneycontrol BureauOnline grocer BigBasket is on the lookout to raise another round of funding of USD 150 million sometime after March next year, an article in Mint today said. According to sources, this may be the last round of fund-raising before the company considers an initial public offer.

BigBasket, which is believed to have recently achieved breakeven in the Bengaluru market reportedly has enough cash on books to sustain operations for at least another 18 months. It had raised a similar USD 150 million this March as well taking the total funding till date to USD 296 million.

The fresh funds will be utilised to develop its private label brands, which has been growing revenues steadily and significantly added to margins. Private labels contributed Rs 750 crore to BigBasket’s sales in the last financial year.

The company operates roughly 25 warehouses and 63 dark stores (storage facilities) and claims to have 3 million repeat customers with revenue target of Rs1,800 crore in the current fiscal.