Tata might have spent about $1 billion on BigBasket, according to Indian media. The Alibaba-backed startup is potentially the most important feature in the group’s yet to be launched all-in-one app that aims to replicate the reach of Asian giants like Tencent-owned WeChat or Singapore’s Grab.
Tata Sons (TATAS.UL) has acquired a majority stake in online grocery seller BigBasket, putting the Indian conglomerate in a direct race with e-commerce players Amazon.com Inc (AMZN.O), Walmart's (WMT.N) Flipkart and Reliance Industries (RELI.NS).
Tata Group has reached an agreement to acquire a majority stake in grocery delivery startup BigBasket. The salt-to-software giant is buying over 60% stake in BigBasket, valuing the Indian startup between $1.8 billion to $2 billion.