MUMBAI| BENGALURU: Online grocery retailer BigBasket is in discussions to rope in a bunch of new investors like Singapore government’s Temasek, US-based Generation Partners, Fidelity and Tybourne Capital, for a $350-400 million financing round, two people in the know said.The ongoing talks also include at least $100-150 million in secondary sale of shares by early investors, said people close to the matter, who did not want to be identified as the talks are private.BigBasket, which has gained traction on the back of the pandemic as consumers purchase grocery and everyday essential online, is likely to see its valuation gain about 33% to around $2 billion, post the investment, another person privy to the details said.“The non-binding term sheets are in and the round is likely to close in a month’s time. Alibaba’s not participating, which means the company is looking to diversify its list of investors by getting new backers in,” said one of the people cited earlier. Alibaba, which is a significant investor in the Bengaluru-based company with an around 28% stake, is not pumping any new capital in the e-grocer amid a larger anti-China sentiment and FDI restrictions enforced by the Indian government, which have affected Chinese money coming into domestic firms. A source said Alibaba would be cutting its shareholding to 20% post this financing round.
from Economic Times https://ift.tt/339TBtN
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