UPDATE 1-India's Tata Group to buy majority stake in BigBasket for $1.3 bln - report-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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UPDATE 1-India's Tata Group to buy majority stake in BigBasket for $1.3 bln - report

Reuters2021-02-16

(Adds company comments, details from report, background)

BENGALURU, Feb 16 (Reuters) - India's Tata Group will buy a 68% stake in online grocery startup BigBasket for about 95 billion rupees ($1.31 billion), television channel ET Now said

on Tuesday, citing sources.

The salt-to-software conglomerate has been planning to launch a "super app" that will tie in all its consumer businesses, according to media reports, as it competes against Amazon.com Inc and Reliance Industries Ltd in India's booming e-commerce market.

Bengaluru-based BigBasket competes with Walmart Inc-owned

Flipkart and Amazon's "Fresh" service as more consumers stay indoors and choose to shop online during the COVID-19 pandemic.

Tata's stake will translate into an enterprise value of 135 billion rupees for BigBasket, which is backed by Alibaba

, ET Now said.

BigBasket top management, including co-founder Hari Menon, are likely to stay on for three to four years, according to the report.

Tata Group and BigBasket said they had no comments on the matter.

($1 = 72.7100 Indian rupees)

(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Ramakrishnan M.)

((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))

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KWLIM
·2021-02-16
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