BigBasket planning to go public in next 18 to 24 months, says CEO Menon

India's BigBasket is planning to go public in the next 18 to 24 months, its CEO said, as the Tata Group-backed grocery giant seeks to tap surging demand for quick online deliveries of everything from fruits to Apple iPhones.

The company is on track to double its business year-on-year by March 2026 and expand to about 70 Indian cities from 35 currently over the next year, CEO Hari Menon told Reuters on the sidelines of a retail summit in Mumbai. He stopped short of detailing any investment plans.

BigBasket's plans for its listing in India come as the domestic quick commerce industry sees high double-digit sales growth, with rivals such as Swiggy's Instamart and Zomato's Blinkit racing to make the most of red-hot demand for 10-minute deliveries in urban metros.

Zomato and recently listed Swiggy are also increasing their investments to ramp up offerings, open more warehouses and win market share, as the quick commerce industry defies a broader economic slowdown in the country. 

"Assortment is the play, in my view," said Menon, whose firm is also expanding its range of products to include electronics, pharmaceuticals and fashion categories.

Quick commerce makes up about 80% of BigBasket's revenue, he said.

The grocery delivery firm, in which Tata Sons has a majority stake, is also set to roll out quick food deliveries, Menon said without laying out a timeline, a move that will pit the company against other 10-minute food services such as Zomato's "Bistro", Swiggy's "Bolt" and Zepto's "Zepto Cafe".