Business Today
Loading...

Tata group to purchase 68% stake in BigBasket for Rs 9,500 crore

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

twitter-logoReuters | February 16, 2021 | Updated 18:30 IST
Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon's
Representational Image

India's Tata Group will buy a 68% stake in online grocery startup BigBasket for about Rs 9,500 cr, 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.

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.

Also Read: Tata Motors-owned JLR aims to go 100% electric by 2039

  • Print
  • COMMENT
BT-Story-Page-B.gif
A    A   A
close