Bengaluru headquartered Supermarket Grocery Supplies, which owns online grocery platform BigBasket, was valued at Rs 8,983 crore or $1.2 billion at current foreign exchange rates, as on October 31, 2019.
The valuation report, compiled by independent valuer Kunal Kalantri, was filed as part of BigBasket’s acquisition of hyperlocal grocery delivery platform DailyNinja.
The valuer considered estimated cash flows of the company for the five years from the financial year 2020-21 till financial year 2024-2025, along with five month period between November 1, 2019 and March 31, 2020.
In March last year, BigBasket’s valuation was estimated at $2 billion when it raised $150 million in a funding round led by South Korean firm Mirae Asset along with UK government-owned development financial institution CDC Group and China’s Alibaba Group, the largest shareholder in the company.
The valuation also includes the businesses of its vending machine arm Savis Retail, which was valued at Rs 55.6 crore.
For the five months between November 2019 and March 2020, the company’s projected net loss was at Rs 278 crore, almost equal to the net loss of Rs 310 crore in FY19, indicating that its finances for the year may take a hit on account of the impact of the Covid-19 pandemic.
BigBasket allocated a capital expenditure of Rs 19 crore for the five months and a working capital requirement of Rs 272 crore.
For FY21, the company expects to post a net loss of Rs 406 crore, according to the valuation report. In the same year, it has a planned capital expenditure of Rs 53 crore and working capital needs of Rs 216 crore. BigBasket expects to become profitable by FY22 with a net profit of Rs 159 crore.
The company had achieved unicorn status -- $1 billion or more valuation -- in 2018 when it raised $300 million in a Series E round led by Alibaba.
Other investors in BigBasket include venture capital firm Bessemer Venture Partners, Helion Venture Partners, private equity firm Abraaj Capital, Sands Capital Management, Zodius Capital and media house Bennett Coleman and Company.
So far the company has raised around $500 million in debt and equity, according to data compiled by VCCEdge. This also includes $20 million in debt funding from Trifecta Capital, of which $14.6 million was raised in July 2019.
Last week, BigBasket acquired online grocery platform Dailyninja, its fifth acquisition so far. Earlier, it has also acquired online food delivery platforms such as RainCan, Morningcart.in, Delivery.in, bbdaily and vending machine arm Savis retail.