Indian conglomerate Tata Group reached a deal to acquire a majority stake in grocery delivery startup BigBasket, ProWellTech source said. The software salt giant is buying more than 60 percent of the shares in BigBasket. BigBasket had raised over $ 720 million prior to the deal with Tata.
ET Now Indian news network reported that the two companies were in advanced talks, signs of which began to emerge in local media two quarters ago.
The move comes as the Tata Group seeks to expand to more consumer companies and works to develop a so-called superapp in the world’s second largest internet market.
Bangalore-based BigBasket, which competes with SoftBank-backed Grofers and Reliance’s JioMart, operates in over two dozen cities in India and turned profitable months into the coronavirus pandemic as sales skyrocketed on the platform.
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