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Tata Group to buy 68% stake in BigBasket for Rs 9,500 crore: Report

BigBasket top management are likely to stay on for three to four years, the report said

Topics
Tata group | BigBasket | Online grocery

Reuters  |  BENGALURU 

BigBasket plans to open warehouses, each about 20,000-25,000 square feet in size, across eight cities where it caters to different institutions
Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon's "Fresh" service | Representational image

India's will buy a 68% stake in startup 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 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.

top management, including co-founder Hari Menon, are likely to stay on for three to four years, according to the report.

and BigBasket said they had no comments on the matter.

 

 

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First Published: Tue, February 16 2021. 16:27 IST
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