In a recent event, the Prarambh Start-up International Summit that was held on Saturday, Big Basket founder and Chief Executive Officer, Hari Menon said in a statement that the start-up plans to go public and file for an Initial Public Offering in the coming years.
The founder mentioned that the start-up aims to go public and wants to file for an IPO as exits are needed. He further said that people need to leave businesses and the best way to do so is through an Initial Public Offering.
In the same breath, Menon also gave an affirmation of being a ‘Hindustani company’ when he said that there are many businesses and start-ups that debate to plan to get listed overseas or in India, but BigBasket would want to get listed for an Initial Public Offering in India.
The start-up ecosystem in India is going at an all-time high with its growing presence in India as well as abroad. Since COVID-19, many businesses and start-ups have failed to survive while others are struggling with losses and capital investments. However, the good side of the coin fell on digital start-ups as e-commerce and digital sector in India boomed significantly during these past few months of the lockdown.
Several start-ups and businesses with an online presence have successfully been operating at an above-average level while many of them have even become Unicorns in the past year with major credits to the global pandemic.
Homegrown start-ups such as Grofers, Zomato, Delhivery have been filing for an Initial Public Offering with their significant business boost in the past few months, especially from April to December. This phenomenon in the Indian market has turned many heads globally and investors are striving to get a piece of cake with their millions and billions worth of investments in the Indian start-up ecosystem.
While many successful businesses plan to file for IPO and go public at some point of their profitable entrepreneurial journey, the COVID-19 impact has completely changed the traditional consumer behaviour to a digital-first approach.
As mentioned in a report by Financial Express, major sectors including e-grocery, e-commerce, education technology, financial technology and even gaming have boomed phenomenally from this pandemic-led digitisation.
BigBasket founder, Menon also mentioned in his statement that the company’s business has become two-fold when compared to pre-COVID-19 times and this is a common claim made by several other businesses.
As recently Prime Minister Narendra Modi has announced an INR 1,000 crore start-up India Seed fund, the start-up ecosystem in India and budding entrepreneurs have become more confident with such initiatives taken by the Indian government. The India fund is aimed to help the start-up ecosystem in the country and promote their growth by providing them with capital.
India is on its way to take over the future technology market with its start-up ecosystem to become a global business by 2025.