The Indian multinational conglomerate has purchased a 68 per cent stake in the online grocery start-up for £1.31bn.
BigBasket is India’s largest online food and grocery store, with over 18,000 products and 1,000 brands available, ensuring that customers can find exactly what they are looking for. With categories ranging fresh fruits and vegetables, rice and dals, spices and seasonings to packaged products, beverages, personal care products and meats, BigBasket is a one-stop shop for everything a customer could need.
The move comes as Tata Group looks to launch a ‘super app’ that will house all of its consumer businesses in one place. The app is being launched to compete with other large scale players such as Amazon and Reliance Industries who continue to dominate the Indian market.
Tata Group’s stake will translate into an enterprise value of $1.85bn for BigBasket, with backing from Alibaba.
