The salt-to-software conglomerate has been planning to launch a “super app” that will tie in its consumer businesses, according to media reports, as it competes against Amazon.com Inc. and
Industries Ltd. in India’s booming e-commerce market.
Bengaluru-based BigBasket competes with Walmart Inc.-owned Flipkart and Amazon Fresh as more consumers stay indoors and choose to shop online during the COVID-19 pandemic.
Tata’s stake will translate into an enterprise value of Rs 13,500 crore for BigBasket, which is backed by Alibaba Group Holding Ltd., ET Now said.
BigBasket top management, including co-founder Hari Menon, are likely to stay on for three to four years, according to the report.
Tata Group and BigBasket said they had no comments on the matter.
