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Tata Sons Approaching Global Investors To Raise $2-2.5 Billion For Its Digital Business Push: Report
Chandrasekaran speaks during a news conference in Mumbai. Photo credit: PUNIT PARANJPE/AFP/GettyImages
N Chandrasekaran led Tata Sons to have approached global investors to raise an estimated sum of $2-2.5 billion for its digital business push, reports The Economic Times.
Chandrasekaran had visited the United States (US) in May and has met with investors to showcase the group's foray into the e-commerce space. Tata Sons is likely to tap in private equity (PE) funds in the initial stage of its fundraising. At the same time, it will also look at strategic investors after the business demonstrates a sizable scale-up.
The development gains much significance as the group is readying for a pilot launch of its much-talked-about upcoming super app in Bengaluru in September.
It should be noted that a key member of the group's fundraising team is Cure-fit cofounder Mukesh Bansal. The health and fitness startup was acquired by Tata Digital just weeks ago, and after that, Bansal had joined Tata Digital as its president.
Bansal has been brought in keeping in mind his fundraising experience and over a decade of experience in running consumer internet businesses.
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