Search
Tata Group buy majority stake in BigBasket
February 17, 2021
India’s Tata Group will purchase a 68% stake in online grocery startup BigBasket for around 95 billion rupees ($1.31 billion), TV station ET Now said on Tuesday, referring to sources.
The salt-to-software conglomerate has been planning to launching a “super application” that will tie taking all things together its consumer businesses, as per media reports, as it goes up against Amazon.com Inc and Reliance Industries Ltd in India’s booming e-commerce market.
Bengaluru-based BigBasket contends with Walmart Inc-owned Flipkart and Amazon’s “New” service as more customers stay inside and decide to shop online during the Covid-19 pandemic.
Tata’s stake will convert into an undertaking estimation of 135 billion rupees for BigBasket, which is sponsored by Alibaba, ET Now said. BigBasket top administration, including prime supporter Hari Menon, are probably going to remain on for three to four years, as per the report. Tata Group and BigBasket said they had no comments on the matter.
Important Links:
- Professional Diploma in Digital Marketing: https://ask.careers/courses/professional-diploma-in-digital-marketing/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
