You can be on Entrepreneur’s cover!

Tata Group To Buy Majority Stake In BigBasket For $1.31 Bn According to media reports, Tata group is in the final stages of buying 68 per cent in BigBasket

By Debarghya Sil

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

BigBasket/Facebook

Indian conglomerate Tata group is reportedly in talks to buy a majority stake in leading online grocery startup, BigBasket. It is believed that the strategic investment by Tata is a step closer to its ambitious plan of a "super app' in the e-commerce space and lock horns directly with Amazon, Walmart-owned Flipkart and Udaan.

According to media reports, Tata group is in the final stage of buying a majority stake of 68 per cent in BigBasket for $1.31 billion (INR 9,500 crore). It is anticipated that the deal will value the company at $1.85 billion (INR 13,500 crore) and allow the exit of its existing investors such as Alibaba, Abraaj Group and IFC. The strategic move comes almost two years after BigBasket achieved the Unicorn tag, a startup with a valuation of at least $1 billion.

As a part of the deal, chief executive officer and co-founder of BigBasket Hari Menon will continue to stay on the startup's board and will gradually exist in 4-5 years.

The online e-commerce, which was already gaining popularity, due to its wide range of inventory has been riding high since the past year in the aftermath of the pandemic. During the lockdown, services such as BigBasket, Amazon, Flipkart and Udaan, among others, saw a significant rise in their customer base as people were forced to stay indoors.

According to a RedSeer and BigBasket report, the total size of the e-grocery market in the country is expected to grow from $1.9 billion in 2019 to $3 billion by the end of 2020. At an annual growth rate of 57 per cent, it is expected to touch $18 billion by 2024.

Debarghya Sil

Entrepreneur Staff

Former Correspondent

Business Solutions

Save an Extra 20% on the Ultimate Microsoft Bundle Featuring Windows 11 Pro, Office, and More

Pick up this package of popular Microsoft products for only a fraction of the price through April 16.

Business Solutions

Visualize Data for Better Business: MS Visio is $23.99 Through April 16

Set your team up for success with a reliable tool for creating organizational charts, diagrams, and more.

Business Solutions

Handle In-House Projects More Efficiently with MS Project Pro — Just $24 Through April 16

It's designed to help teams stay on task with features like management templates, timesheets, generators, and more.

Business Solutions

Scan Easier and More Affordably with This 20% Discount

iScanner is a mobile app that makes document management, editing, and sharing easier.

Marketing

Save Big and Get This Pro Collage App for $39.99

Edit, adjust, and create collages in seconds.

Science & Technology

These Are the Top 6 AI Threats to Your Business Right Now

The modern workforce is forever changed by artificial intelligence. If you fail to understand that we will all need to learn AI to some degree, you haven't been paying attention.