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Town Essentials serves Rs 231 crore notice to BigBasket, DailyNinja

The notice also names earlier investors of DailyNinja, BigBasket co-founder Hari Menon and DailyNinja co-founders Sagar Yarnalkar and Anurag Gupta.

twitter-logoBusinessToday.In | February 8, 2021 | Updated 20:05 IST
Town Essentials serves Rs 231 crore notice to BigBasket, DailyNinja
Town Essenials had signed a contract with DailyNinja in 2017 to be its exclusive backend supplier and procurement partner.

Grocery platform Town Essentials Pvt Ltd has sent a Rs 231 crore notice to DailyNinja and BigBasket for violation of a contract.

The notice has been served to DailyNinja Delivery Services Pvt Ltd, which operates grocery delivery platform DailyNinja, and SuperMarket Grocery Supplies Pvt Ltd, which operates BigBasket, Mint reported on Monday.

The notice also names earlier investors of DailyNinja, BigBasket co-founder Hari Menon and DailyNinja co-founders Sagar Yarnalkar and Anurag Gupta. DailyNinja was acquired by BigBasket in March 2020.

Also read: BigBasket's FY20 revenue jumps 36% to Rs 3,818 crore

Town Essenials had signed a contract with DailyNinja in 2017 to be its exclusive backend supplier and procurement partner. However, after its acquisition by BigBasket, DailyNinja asked Town Essentials to raise its billings with BigBasket.

The company has sought Rs 6 crore for lawful termination of contract, Rs 200 crore for wrongful loss of growth opportunity, and Rs 25 crore for harassment and cheating perpetuated.

As per reports, Tata Group is in the final stages of discussions to acquire around a 60 per cent stake in BigBasket by shelling out approximately $1.3 billion.

Also read: Tata Group eyes 60% stake in BigBasket; set to pump in $250 million initially

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