Tata group is reportedly in talks with the online grocery platform Bigbasket to buy a minority stake. Big basket is currently involved in fund raising with a target of $200 million in growth capital. The salt-to-technology, coffee-to-cars, gold-to-steel conglomerate is eying on 20% stake has set up a board to look after the deal. Along with TATA, Singapore Government’s Temasek and US based Generation Partners, Fidelity and Tybourne Capital are involved in the talks of $350-400 million investment boosting the Big basket value to $2 billion, 33% up.
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Due to COVID-19 risks, health awareness, fears, lockdown, restrictions Big Basket gained more customers and business as well as online preference has gone high. TATA eyeing on mass entry to the digital platform combining its various offerings together as ‘Superapp’ expected to be launched in December or January is focusing now on BigBasket, online grocery. The tie-up will help TATA to compete better with rivals AMAZON.IN and Ambani’s RRVL. The TATA is in talks with Walmart for a $25billion deal in SUPER-APP to make its online and global presence in a stronger way. Super-app combines everything in one application fashion, Lifestyle, insurance, financial services, health care, bill payments, food and grocery, education and digital content.
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The online grocery is the next battleground for the investment, expected to expand over $18billion by 2024. The online grocery has given revenue 1.7 times better than last year the same time. BigBasket raised $150 million at a valuation of $1.2 billion in a round that saw participation from South Korea’s Mirae Asset-Naver Asia Growth Fund, UK’s CDC Group, and existing investor Alibaba, last year.
