BigBasket raises Rs 350 cr from holding firm as it takes on competitors

The online grocer plans to expand its footprint to 70 cities this fiscal year, from about 37 now.

Innovative Retail Concepts, which runs online grocer BigBasket, has received Rs 350 crore from holding company Supermarket Grocery Supplies, according to regulatory documents sourced from business intelligence platform Tofler.

The investment was approved on May 24 this year and the company allotted 3.5 crore equity shares.

The funding is expected to help Tata Digital-owned BigBasket compete with Amazon, Walmart-owned Flipkart, and Reliance’s JioMart for a share in the online grocery and food market, which is expected to become a $790 billion market size by 2024 from $603 billion in 2019, according to analysts.

BigBasket recently said that it expects gross merchandise value (GMV)