BigBasket taps DBS Bank for Rs 200 Cr debt
Innovative Retail Pvt. Ltd., BigBasket's B2C arm, approved the issuance of 20,000 non-convertible debentures at a face value of Rs 1,00,000 apiece to secure the funding.
BigBasket has raised Rs 200 crore ($22.7 million) in debt from DBS Bank Ltd, according to filings with the Registrar of Companies.
Innovative Retail Pvt. Ltd., the company’s B2C arm, approved the issuance of 20,000 non-convertible debentures at a face value of Rs 1,00,000 apiece to secure the funding.
The online grocer, which last tapped investors in 2022 with a $200 million round led by Tata Digital, plans to use the fresh debt to expand and maintain its network of dark stores.
BigBasket has been stepping up investments to keep pace with rivals Zepto, Blinkit, and Swiggy Instamart. All three have been accelerating their own dark-store footprints this year as the battle for 10–20 minute delivery customers intensifies.
Tata Sons’ FY25 annual report shows that operating revenue at Innovative Retail Concepts slipped 2.7% to Rs 7,673.4 crore from Rs 7,885 crore in the previous fiscal year, while losses widened 46% to Rs 1,850 crore.
The losses reflected the rising cost of BigBasket’s pivot from scheduled grocery delivery to a quick-commerce model, one that demands heavier spending on dark stores, logistics, discounting, and customer retention.
The company’s B2B arm that manages procurement and backend operations, posted a 6.9% decline in revenue to Rs 2,227 crore in FY25 from Rs 2,392 crore a year earlier. Despite the softer topline, its losses narrowed to Rs 102 crore, compared with Rs 128 crore in FY24.
Edited by Suman Singh