Tata Digital has acquired majority stake in online grocery company BigBasket.
New Delhi. Tata Digital Ltd of Tata Sons Pvt Ltd has acquired a major stake in BigBasket, the country’s largest online grocery company, backed by Alibaba. Tata Digital is a 100% owned subsidiary of Tata Sons, the group’s holding company. With this deal, the way has been cleared for the direct competition of Tata Group from companies like Amazon and Flipkart in the retail sector.
Tata Digital CEO Prateek Pal said on Friday, “Grocery is the biggest spender in personal consumption expenditure in India. Big Basket as India’s largest e-grocer company fits perfectly into our strategy to build a large consumer digital ecosystem.”
The value of this deal has not been disclosed. E-grocer is the fastest growing in the country’s consumer e-commerce business. Increasing consumer spending and digitization in India is helping the expansion of this sector. In this era of corona epidemic, online purchase has increased. Consumers today want to order good quality goods so that it reaches their homes safely.
Tata Digital acquires majority stake in Bigbasket: Company statement
— Press Trust of India (@PTI_News) May 28, 2021
Big Basket was established in 2011 in Bangalore. Since then it has registered its presence in 25 cities of the country. Hari Menon, CEO, Big Basket said, “We are very excited about our future after being part of the Tata Group. By associating with the Tata Group, we will be able to connect better with the consumer and grow on our journey ahead.”