Tata Group to buy majority stake in BigBasket for $1.3 billion - report
Tata Group will buy a 68% stake in online grocery startup BigBasket for about 95 billion rupees ($1.31 billion), television channel ET Now said on Tuesday, citing sources.
Tata Group will buy a 68% stake in online grocery startup BigBasket for about 95 billion rupees ($1.31 billion), television channel ET Now said on Tuesday, citing sources.
The salt-to-software conglomerate has been planning to launch a "super app" that will tie in all its consumer businesses, according to media reports, as it competes against Amazon.com Inc and Reliance Industries Ltd in India`s booming e-commerce market.
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Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon`s "Fresh" service as more consumers stay indoors and choose to shop online during the COVID-19 pandemic.
Tata`s stake will translate into an enterprise value of 135 billion rupees for BigBasket, which is backed by Alibaba, ET Now said.
BigBasket top management, including co-founder Hari Menon, are likely to stay on for three to four years, according to the report.
Tata Group and BigBasket said they had no comments on the matter.
(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Ramakrishnan M.)
The story has been taken from a news agency
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