Bengaluru: Tata Group will buy a 68% stake in India's largest online grocery BigBasket for about Rs 9,500 crore ($1.31 billion), ET Now reported on Tuesday, citing sources.
The salt-to-software conglomerate has been planning to launch a "super app" that will tie in its consumer businesses, according to media reports, as it competes against Amazon.com Inc. and Industries Ltd. in India's booming e-commerce market.
Bengaluru-based BigBasket competes with Walmart Inc.-owned Flipkart and Amazon Fresh 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 Rs 13,500 crore for BigBasket, which is backed by Alibaba Group Holding Ltd., 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.
The salt-to-software conglomerate has been planning to launch a "super app" that will tie in its consumer businesses, according to media reports, as it competes against Amazon.com Inc. and Industries Ltd. in India's booming e-commerce market.
Bengaluru-based BigBasket competes with Walmart Inc.-owned Flipkart and Amazon Fresh 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 Rs 13,500 crore for BigBasket, which is backed by Alibaba Group Holding Ltd., 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.
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