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Tata Group eyes 60% stake in BigBasket; set to pump in $250 million initially
Majority stake in BigBasket for Tata means full exit of biggest backers of BigBasket, including Chinese e-comm giant Alibaba and equity firm Abraaj group. Both collectively hold about 46 per cent stake in BigBasket. Once deal is signed, it could value BigBasket at about $1.6 billion
BusinessToday.In | January 20, 2021 | Updated 09:02 IST
The formal decision regarding the deal could be announced very soon
The Tata Group is all set to pump in about $200-250 million in online grocery platform BigBasket as part of its larger deal to acquire a majority stake in the start-up. Talks have been going on for months and have reached the final stage now. In total, Tatas could shell out about $1.3 billion in primary and secondary share sale to BigBasket. It may be eyeing around 60 per cent stake in India s largest e-grocery company.
Updated Jan 20, 2021 | 08:22 IST
The Tata Group is expected to buy the entire shareholding of two of Big-Basket’s biggest investors Chinese e-commerce behemoth Alibaba and private equity firm Abraaj Group. Tata Sons Chairman Natarajan Chandrasekaran (File photo). | Photo Credit: BCCL
New Delhi: The Tata Group is reportedly all set to pump in $200-250 million primary cash in BigBasket to acquire a controlling stake in India’s biggest online grocery startup that will put the coffee-to-cars conglomerate in direct competition with billionaire Mukesh Ambani’s ambitious online grocery shopping venture JioMart, Amazon India and Walmart-owned Flipkart. Plus, the closing of the deal is likely to speed up the Mumbai-based conglomerate s efforts to acquire online pharmacy 1mg.