BigBasket secures Rs 200 Crore debt from DBS Bank

Innovative Retail Concepts, BigBasket’s B2C arm, has raised Rs 200 crore in debt from Singapore-based DBS Bank.

The company plans to use the funds to build and maintain dark stores and for other general corporate needs, according to its filing with the Ministry of Corporate Affairs.

The board has approved issuing 20,000 non-convertible debentures (NCDs), each priced at Rs 1,00,000, to raise the funds. The NCDs have an 18-month tenure and carry an annual interest rate of 8.2%.

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BigBasket has been seeking new funding as it works to stay competitive in the highly challenging quick commerce market.

BigBasket has been increasing its investments to keep up with Zepto, Blinkit, and Swiggy Instamart, all of which have been rapidly expanding their dark-store networks this year as competition for 10–20 minute delivery customers heats up.

Tata Sons’ FY25 annual report shows that operating revenue at Innovative Retail Concepts fell 2.7% to Rs 7,673.4 crore from Rs 7,885 crore the year before, while losses increased 46% to Rs 1,850 crore.

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The larger losses were due to the higher costs of BigBasket’s shift from scheduled grocery delivery to a quick-commerce model, which requires more spending on dark stores, logistics, discounts, and customer retention.

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