Tata Sons has finally acquired 64.3 per cent stake in popular online grocer BigBasket. The deal will help the conglomerate strengthen its position in the rapidly growing online grocery market in India.
Tata Sons has acquired a majority stake in popular online grocer BigBasket through its subsidiary, Tata Digital Limited. The majority stake acquisition in BigBasket will help the conglomerate take on the likes of Amazon, Walmart’s Flipkart, Reliance’s JioMart and Softbank-backed Grofers.
A regulatory filing by Tata Digital suggests that it has acquired a little over 64 per cent stake in Supermarket Grocery Supplies, which is BigBasket’s business-to-business entity. Neither Tata Sons nor BigBasket has given any more details about the deal as of now.
“Grocery is one of the largest components of an individual’s consumption basket in India, and BigBasket as India’s largest e-grocery player, fits in perfectly with our vision of creating a large consumer digital ecosystem. We are delighted to welcome BigBasket as a part of Tata Digital,” said Pratik Pal, CEO of Tata Digital.
Meanwhile, Hari Menon, co-founder and CEO of BigBasket, said the company was “extremely excited” about the future as part of Tata Group.