Temasek to back BigBasket in $400 million round
September 29, 2020
Temasek, mutual funds Tybourne Capital and previous US VP Al Gore’s Generation Investment Management are among the likely new supporters for Bigbasket. The online grocer is hoping to wipe up $350-400 million out of another round of financing, said two sources acquainted with the turn of events.
The arrangement will incorporate an essential infusion of $250-300 million for the business, other than secondary sale of shares by existing holders, said the sources. The move comes as Bigbasket is additionally considering a potential public market offering by one year from now.
“The valuation of the organization is relied upon to hit somewhat over $2 billion post-cash once this round closes,” said one of the sources referenced before. BigBasket has been working with speculation banks Goldman Sachs and Morgan Stanley for the raise, TOI had announced in June, as the Covid-19 pandemic outcomes in rising selection of online business administrations.