According to the company, E-grocery has been one of the fastest growing segments in the consumer e-commerce space and its growth is propelled with India's rising consumption and digital penetration.

"The current pandemic has further accelerated its adoption as consumers seek the convenience of ordering quality groceries delivered safely at home."

In the e-grocery space, BigBasket provides one of the largest assortments with the convenience of home deliveries on preferred dates and timeslots.

Besides, it operates a farm-to-fork supply chain with over 12,000 farmers and several collection centers across India.

"Grocery is one of the largest components of an individual's consumption basket in India, and BigBasket as India's largest e-grocery player, fits in perfectly with our vision of creating a large consumer digital ecosystem," Pratik Pal, CEO of Tata Digital was quoted as saying in a company statement.

At present, Tata Group is building a digital consumer ecosystem addressing consumer needs across categories in a unified manner.

"Accordingly, this acquisition presents an attractive opportunity for Tata Group in its overall vision of creating a digital ecosystem."

BigBasket was founded in 2011 in Bengaluru and has expanded its presence to more than 25 cities across India since then.