BENGALURU (Reuters) – Indian online grocery startup BigBasket is in advanced talks to sell a majority stake for about $ 1 billion to salt-to-software conglomerate Tata Group.
The centennial group has been planning to launch a “super app,” one that will link all of its consumer businesses, various media reports have said, as it competes against Amazon.
Bengaluru-based BigBasket is competing with Flipkart, owned by Walmart Inc., and Amazon’s “Fresh” service as more consumers stay indoors and choose to shop online during the COVID-19 outbreak.
Tata Group and BigBasket did not immediately respond to a Reuters request for comment.
Alibaba from China <9988.HK>, which owns about a 26% stake in BigBasket, is expected to sell its entire stake in the company, the Economic Times reported.
“While the talks have been ongoing for some time, the details are still being worked out. They may not eventually lead to a transaction,” the newspaper quoted one of the sources as saying.
Separately, the Mint newspaper also reported Wednesday that the Tata Group could pay between $ 500 million and $ 700 million for a controlling stake in BigBasket. The newspaper had previously said that BigBasket was looking to raise $ 200 million for a new round of funding and was in talks with the Tata Group.
(Reporting by Chandini Monnappa in Bengaluru, edited by Sherry Jacob-Phillips)
(Business Standard staff may only have edited the title and image of this report; other content is automatically generated from a syndicated feed.)
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