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Tata Group In Active Talks To Buy A Majority Stake In Online Grocery Store BigBasket: Report
Representative image. (Hemant Mishra/Mint via Getty Images)
Tata Group is currently engaged in active talks to take a controlling stake in online grocer BigBasket by buying out several existing investors for around $500-700 million, reports Livemint.
The key investors in the online grocer which Tata Group is looking to buy the stake from include several private equity funds and Chinese billionaire Jack Ma-led Alibaba group, which is BigBasket's largest investor.
If materialised, the deal will give Tata Group an immediate headstart against the three of biggest players in India's booming online grocery market - Reliance Industries Limited, Amazon and Walmart-owned Flipkart.
The development comes at a time when Tata Group is preparing to launch a super app platform by December or January which will put together the wide gamut of offerings from the salt-to-steel conglomerate.
It would eventually include services from food and grocery ordering to fashion, lifestyle, electronics, insurance, financial services, education, healthcare and bill payments. The details about the super app was announced by the Tata Sons chairman N Chandrasekaran recently in a meeting with investors.
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