Online grocery player BigBasket is reportedly in talks to rope in a slew of new investors for a $350-400 million financing round.
The list of prospective shareholders entails Fidelity, Tybourne Capital, Singapore government's Temasek, and US-based Generation partners.
The ongoing deliberations also comprise at least $100-150 million in secondary sale of shares by early investors, The Economic Times reported, citing sources.
BigBasket's business has gathered momentum amid the coronavirus pandemic as consumers buy groceries and everyday essentials online.
The e-grocer is expected to see its valuation gain around 33 per cent to approximately $2 billion, post the investment.
The sources further told the publication that the "non-binding term sheets are in and the round is likely to close in a month's time" adding that Chinese e-commerce giant Alibaba is not participating in the financing round, which means BigBasket is "looking to diversify its list of investors by getting new backers in."
Alibaba, which is a major investor in the Bengaluru-based firm with around 28 per cent stake, is not pumping any fresh capital into the e-grocer in the wake of a larger anti-China sentiment and FDI curbs imposed by the government.
Meanwhile, a source also told the publication that Alibaba would be slashing its shareholding in BigBasket to 20 per cent following this financing round.