The Tata group is planning to invest Rs 3,500 crore in Tata Cliq, the conglomerate's e-commerce venture. Tata UniStore, which owns Tata Cliq, said the board recommended an increase in authorised share capital to Rs 5,000 crore from Rs 1,500 crore, The Economic Times reported, citing a regulatory filing.
The hike in authorised share capital will be done through the issue of equity shares, the report added. As per the filing, the paid-up share capital of Tata UniStore is Rs 1,203.12 crore, the report said.
Tata Cliq has also raised its borrowing limit to Rs 490 crore.
Tata UniStore CEO Vikas Purohit had not responded to The Economic Times' queries.
The move by the Tata Group comes amid reports of the conglomerate working on a "super-app". The reports also suggest that Tata Digital, which manages the group's ecommerce ventures, is in talks to acquire a majority stake in BigBasket.