BigBasket had raised US $150 million from Mirae, Alibaba and CDC Group in March 2019, which positioned the Bengaluru-based firm in the unicorn membership
New Delhi: The Tata group is buying 68 percent stake in on-line grocery platform BigBasket for round Rs 9,500 crore because it bids to develop in the quick rising e-commerce area in India, in accordance to sources.
The salt-to-software conglomerate, which has been working to achieve majority management in the Bengaluru-based startup for months, has lastly signed the deal, in accordance to folks in the know of the event.
The deal offers an exit route for a bunch of traders of BigBasket, together with Chinese billionaire Jack Ma-controlled Alibaba.
When contacted to affirm the event, Tata group, BigBasket and Alibaba declined to remark.
It is known that Tata group’s acquisition places the enterprise worth of BigBasket at over Rs 13,500 crore.
The deal comes at a time when on-line purchasing has accelerated in India, particularly in the aftermath of COVID-19 pandemic.
The conglomerate has been reported to be engaged on a ‘tremendous app’ to stamp its presence in the e-commerce area at the moment dominated by Amazon and Walmart-owned Flipkart, whereas Reliance Retail can be making heavy inroads in the sector.
In March 2019, BigBasket had raised US $150 million from Mirae, Alibaba and CDC Group, which positioned the Bengaluru-based firm in the unicorn membership (corporations with valuation of US $1 billion and above).
The firm had then stated it deliberate to utilise the proceeds of this fundraising to additional penetrate into current markets with extra investments in the primary mile, scaling-up of its provide chain and for creating new reseller channels.
Founded in 2011, BigBasket operates in 25 Indian cities. It competes with SoftBank-backed Grofers in addition to Amazon India and Flipkart.
According to reviews, the highest administration of BigBasket, together with co-founder Hari Menon, could proceed with the corporate for three to 4 years. However, Menon didn’t reply when reached out for feedback.
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