Samreen Ahmad · · 1 min readIndian e-grocer BigBasket scoops up $131m in fresh funds
Innovative Retail Concepts, the Tata Group-owned company that runs online grocery startup BigBasket, has received a capital infusion of 10 billion rupees (US$131.2 million) from holding firm Supermarket Grocery Supplies, according to financial data accessed by business intelligence platform Tofler.
Image credit: FugenX
The transaction was approved on March 31, data showed.
BigBasket is part of Tata’s newly launched Neu, a super app that features all of the Indian conglomerate’s consumer offerings. The e-grocer is also planning to roll out a one-hour delivery service, with more than 7,500 products on offer.
The conglomerate’s Tata Digital unit has an over 60% stake in Supermarket Grocery. Meanwhile, Innovative Retail Concepts became a subsidiary of Supermarket Grocery after Tata Digital acquired a majority stake in the latter.
Currency converted from Indian rupees to US dollars: US$1 = 76.1 rupees.
See also: Will India’s 10-minute quick commerce model last?
Editing by Miguel Cordon and Eileen C. Ang
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