Tata Group eyes stake in online grocer BigBasket: Report
The Tata Group is reportedly in talks to buy a stake in online grocery startup BigBasket. It is planning to launch a ‘super app’ that will go live in December or January.
Salt-to-software conglomerate Tata Group is in talks to buy a stake in online grocery startup BigBasket as it plans to take on major players in the retail space like Amazon, Reliance and Walmart group, reported the Mint newspaper.
Quoting two people familiar with the development, the Mint report said that the Tata Group may join the ongoing fundraise of Alibaba-backed BigBasket, which is looking at raising around $200 million in primary equity infusion.
One of the two people quoted in the report said a potential deal will value the online grocery startup at nearly $2 billion, which will be a 40 per cent higher than its last fundraising venture.
“The transaction in all likelihood is a pre-IPO round, and a public listing is expected in 18 months,” said the second person quoted in the report
The sources went on to highlight that the latest funding round is likely to see participation from global investors like Singapore’s Temasek Holdings and Generation Investment Management, which is a private equity firm co-founded by former US vice-president Al Gore, and former Goldman Sachs’ Asset Management head David Blood in 2004.
Tata Group has not yet confirmed the development officially. However, the report added that the Tata Group is planning to launch a ‘super app’ that will go live in December or January. It will bring all its consumer businesses under a single platform.
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