Tata Group acquires 68% stake in online grocery major BigBasket for Rs 9,500 crore

Tata group will buy a 68% stake in Alibaba-backed online grocery startup BigBasket for about Rs 9,500 crore ($1.31 billion).

Tata’s stake will translate into an enterprise value of Rs 13,500 crore for BigBasket, ET Now reported.

Tata’s acquisition of the Bangaluru based startup has given exit to Alibaba and few others. At present, Chinese billionaire Jack Ma-controlled Alibaba controls a 27.58 per cent stake in the company, Actis holds approximately about 18.05 per cent, according to the publication which cited data from business intelligence platform Paper.vc.

Tata’s strategy appears to be to establish a beachhead in India’s e-commerce market amid a surge in online sales because of covid.

The deal gains importance as the Tata’s will get a big user base which gives them an opportunity to grow.