The Tata group valued the venture as Rs 13,500 crore under the acquisition. The online grocery app Big Basket was created in the year 2011. Its brand ambassador is actor Shahrukh Khan. Big Basket operates in 25 cities of the country.
New Delhi: The Tata group is buying a 68 percent stake in Big Basket selling grocery stores online for about Rs 9,500 crore. The group is making this acquisition in an effort to expand into the fast-growing e-business segment in India. Sources associated with the case said that the Tata group, which makes salt-to-software, had been working for months to buy a majority stake in the Bangalore-based startup. The group has reached agreement on the deal.
Under the deal, investors of Big Basket, including Alibaba, controlled by Chinese industrialist Jack Ma, have been provided an exit route. When contacted, the Tata group, Big Basket and Alibaba declined to comment.
The deal between Tata and Big Basket is considered to be a competition between Reliance’s Jio Mart. It is also coming to light that even after the deal between the two companies, there will be no change in the top management. Big Basket operates in 25 cities of the country. The online grocery app Big Basket was created in the year 2011. Its brand ambassador is actor Shahrukh Khan.
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