Exclusive: BigBasket secures Rs 200 Cr debt

BigBasket’s consumer-facing arm, Innovative Retail, has secured Rs 200 crore ($22.7 million) in debt funding from DBS Bank Ltd. This is its first major capital injection in nearly three years, after the $200 million round led by Tata Digital in December 2022.

According to its filing with the Registrar of Companies (RoC), the board of Innovative Retail Pvt Ltd (BigBasket’s B2C arm) has allotted 20,000 non-convertible debentures (NCDs) at a face value of Rs 1,00,000 each to raise the above-stated amount.

The aforementioned debentures are issued for a tenure of 18 months and coupon rate of 8.2% per annum, the filing added.

The filing added that the proceeds from the debt raise will be used to set up and maintain dark stores, along with other general corporate purposes.

Founded in 20211,  Bigbasket operates an inventory-led online grocery model, managing its own dark stores and delivery network while offering a wide range of products, including private labels. In August 2024, BigBasket fully pivoted to quick commerce, making 10-minute delivery its primary focus.

According to startup data platform TheKredible, the company has raised over a billion dollars in funding to date from major investors such as Mirae Asset, British International Investments, and Bessemer Venture Partners. Tata Digital acquired BigBasket in May 2021.

On the financial front, BigBasket’ (B2C) losses widened to Rs 1,850 crore in the fiscal year ended March 2025 while its revenue remained flat at Rs 7,673 crore during the period.