BigBasket secures Rs 200 Cr debt
BigBasket's consumer-facing arm, Innovative Retail, has secured ₹200 crore (approximately $22.7 million) in debt funding from DBS Bank Ltd. This marks its first major capital injection in nearly three years, following the $200 million round led by Tata Digital in December 2022.
Key Details:
Lender: DBS Bank Ltd.
Amount: ₹200 crore ($22.7 million).
Instrument: The funds were raised by allotting 20,000 non-convertible debentures (NCDs) at a face value of ₹1,00,000 each.
Terms: The debentures are issued for a tenure of 18 months with a coupon rate of 8.2% per annum.
Usage of Funds: The proceeds will be used to set up and maintain dark stores, along with other general corporate purposes.
Company Context:
BigBasket, which operates an inventory-led online grocery model, fully pivoted to quick commerce in August 2024, making 10-minute delivery its primary focus.
The company manages its own dark stores and delivery network.
BigBasket has raised over a billion dollars in funding to date and was acquired by Tata Digital in May 2021.
Financials (FY25): The company's (B2C arm) revenue remained flat at ₹7,673 crore, while its losses widened to ₹1,850 crore.