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Deepti Sri · · 1 min readSources: Tata Group strikes a deal to acquire majority stake in BigBasket
“Indian conglomerate Tata Group has reached an agreement to acquire a majority stake in grocery delivery startup BigBasket,” reported TechCrunch, citing sources familiar with the matter.
Details:
- Tata Group is buying an over 60% stake in BigBasket, which brings the startup’s valuation to between US$1.8 billion and US$2 billion.
- Chinese internet titan Alibaba is expected to divest all of its stake in the Bengaluru-based BigBasket as part of the deal. The Indian startup is also planning a public listing by next year.
Context:
- In October last year, it was reported that BigBasket would sell 50% of its stake to Tata Group for roughly US$1 billion.
- Earlier in September 2020, reports said that US retail giant Walmart was in discussions to invest up to US$25 billion in Tata Group in exchange for a large stake in the Indian conglomerate’s proposed super app.
Editing by Collin Furtado and September Grace Mahino
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