Tata Group To Buy 68% Stake in BigBasket For Rs. 9,500 Crores
Tata Group to acquire 68% stake in online supermarket BigBasket for over Rs. 9,000 crore
Tata Group is all set to grab a stake in an online supermarket Big Basket. The Indian Conglomerate will buy 68 per cent stake in the online grocery startup for over Rs 9,ooo crores. Alibaba and Abraaj groups, which are currently stakeholders in BigBasket. The top management, including co-founder and CEO Hari Menon, will continue to stay on board,
As reported by CNBC TV 18, the deal was finalised this month. With the signing of this deal, The Alibaba and Abraaj Group who are currently the stakeholders will exit the brand.
Tāta group is waiting for the Competition Commission of India’s (CCI) approval of the deal.
There has been no confirmation of the same from BigBasket or Tata Group.
Tata has been aiming for a SuperApp and with the acquisition of BigBasket, they can now start building their digital dream. With this deal, Tata Group is all set to get a huge user base that will give them an opportunity to cross-sell their products. They can now bring all their consumer products and services such as Food, Jewellery, Grocery, Consumer Durables and many more on one platform.
With the entry of Tata Group in this field the competition could intensify for Reliance Retail.