The deal between Tata Group and one of India’s largest e-grocers, Bigbasket, is in the last lap, sources told CNBC-TV18. The Tata Group is set to acquire a majority stake in the e-grocer and the deal could be closed by the end of the month.
BigBasket is among the largest e-grocers in the country with nearly 3 lakh orders per day, as per data by Forrester. BigBasket’s valuation as on March this year was USD 1.23 billion and according to research platform Tofler, the company clocked revenues of Rs 5,200 crore and a loss of around Rs 920 crore.
Industry watchers see the move as part of the Tata Group’s strategy to build a super app. The firm’s internal M&A team is working on the deal, sources said.
Tata Group is likely to buy out Alibaba’s entire 29.1 percent stake, as well as, the stakes of some other investors. The other major investors, according to data by Traxcn are Abraaj Group (16.3 percent), Ascent Capital (8.6 percent), Helion Venture Partners (7 percent), Bessemer Venture Partners (6.2 percent), Mirae Asset Naver Asia (5 percent), International Finance Corporation (4.1 percent), Sands Capital (4 percent), and CDC Group (3.5 percent).
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