Tata Group to Enter Online Grocery Business, Buy 68% Stake in BigBasket for Rs 9500 Crore

Tata Group to Enter Online Grocery Business, Buy 68% Stake in BigBasket for Rs 9500 Crore

Tata Group will buy 68% stake in online grocery venture BigBasket at a cost of around Rs 9,500 crore. According to media reports, this stake of Tata will be converted into BigBasket’s enterprise value of Rs 13,500 crore.

The Tata group plans to launch a super app for online businesses, which will add BigBasket’s large range of household goods and grocery products. This will give Tata a larger user base.

Reliance’s Jio Mart will Get a Challenge

Due to the Corona epidemic, there has been a significant jump in online sales of grocery across the country. Tata’s strategy is to strengthen itself in India’s e-commerce market. This will give competition to other leading e-commerce companies, including Reliance and Amazon, as the Tata group will provide consumer friendly services including financial, groceries through Super Apps.

Read Here:  Latest Sports News

Alibaba’s Major Stake in BigBasket

China’s retail company Alibaba holds 29% stake in BigBasket, which it intends to sell. Other big investors in BigBasket include Abraaj Group (16.3%), Accent Capital (8.6%), Helion Venture Partners (7%), Bessemer Venture Partners (6.2%), Mirai Esset Navar Asia (5%), International Finance Corporation (4.1 %), Sands Capital (4%) and CDC Group (3.5%).

BigBasket IPO May be Launched by 2023

Tata Group and BigBasket Deal also include making the company public. That is, BigBasket can launch IPO by 2022-23. Recently, the company’s CEO Hari Menon also mentioned the IPO. But not much information was given on this. The founders of BigBasket include Hari Menon as well as Vipul Parekh, Abhinay Chaudhary, Ramesh VS and VS Sudhakar. His stake in the company is more than 5%.

Read Here:  Latest Technical Updates

Let us tell you that the total market value of BigBasket is currently about 1.6 billion dollars i.e. 11.78 thousand crores rupees which she wants to take to 2 billion dollars. Currently, BigBacket holds the largest share of 50 per cent in the e-grocery segment. It sells over 18,000 products and 1,000 brands on its platform.

These Companies Hold a Large Stake in BigBasket

The largest 29% stake in BigBasket is that of Alibaba Group, a company owned by Chinese industrialist Jack Maa. Other investors in BigBasket include Abraaj Group, which holds 16.3% per cent, Ascent Capital 8.6%, Helion Venture Partners 7%, Bessemer Venture Partners 6.2%, Mirai Esset Asia 5%, Intranational Finance Corporation 4.1. %, Sands Capital has 4% and CDC Group holds 3.5%.

About Ravendra Singh

Hello Friends! My name is Ravendra Singh. I am a professional Blogger and Digital Marketing Consultant & Founder of Newsbeed. I have deep knowledge on topics like Blogging, SEO and Digital Marketing!

View all posts by Ravendra Singh →

Leave a Reply

Your email address will not be published. Required fields are marked *