The reality no matter if businesses want to get listed in India or overseas is becoming extensively debated, but BigBasket would want to go for an IPO in India, the CEO mentioned.
BigBasket aims to go public in the coming years, co-founder & CEO Hari Menon mentioned without having mentioning a certain timeline.
“We would want to go public. We would like to go public. There are exits needed, people have to exit businesses and the best form of doing it is through an IPO,” Menon mentioned at the Prarambh Start-up India International Summit on Saturday. The reality no matter if businesses want to get listed in India or overseas is becoming extensively debated, but BigBasket would want to go for an IPO in India, the CEO mentioned.
A clutch of Indian begin-ups, such as Zomato, Grofers, Delhivery have been chalking out IPO plans of late. While most profitable begin-ups commonly contemplate taking their businesses public at some point of time, the pandemic-led development nudged some firms to advance their plans on the front. Covid-19 materially altered customer behaviour and a lot of persons who normally subscribed to standard services moved on-line. At the finish of 2020, India had about 570 million active world-wide-web customers against about 480 million in 2019, according to Counterpoint Research. Sectors like ed-tech, e-grocery, meals delivery and gaming amongst other people have been the clear beneficiaries. Menon mentioned the firm’s company has doubled compared to pre-Covid levels. Having received a deluge of orders for the duration of the lockdown, the firm struggled to approach them initially as it lost almost 80% of the workforce following the imposition of lockdown in March. Brokerage firm Zerodha, for instance, doubled its customer base to about 4 million, mentioned founder & CEO Nithin Kamath, who was element of the session.
Speaking at the very same occasion, Ritesh Agarwal, founder & CEO at Oyo Hotels & Homes, mentioned the firm would contemplate going public at some point of time mostly since it has “external investor capital”.
Indian begin-ups shrugged off the initial setback brought on by the pandemic and have been swift to adapt to the altering customer wants. Consumer world-wide-web firms managed to raise as significantly as $8 billion in 2020 compared to $11.21 billion in 2019, information sourced from marketplace study firm Tracxn showed. More than 10 begin-ups across sectors ranging from beauty to payments turned unicorn in 2020 against nine in 2019.
BigBasket’s Menon mentioned India has the possible to have about 200 unicorns by 2025.