As per a leading business dailies report citing people privy to the development, BigBasket, Bengaluru-based online-grocery startup is in advanced talks with Tata Group for paring its majority stake worth $1 billion. "While the talks have been ongoing for some time, it is still work-in-progress as far as the specifics go. It may eventually not lead to a transaction at all," the publication mentioned one of the sources.
Besides, the report said that China-based Alibaba which has a close to 26 percent stake in BigBasket will pare down its complete stake in the firm.
The salt to software conglomerate is working on the creation of the 'Super app', one that will link all of the Group's consumer businesses. This is in a bid to grab the market share in India's lucrative e-commerce space where it intends to compete with Amazon and Reliance Industries (RIL).
In the current unprecedented times of the Covid 19 pandemic, when individual prefer buying online, BigBasket is facing competition from Flipkart as well as Amazon's Fresh service.
Also, a Mint report Wednesday said that Tata Group for a majority stake in BigBasket can pay an amount between $500 million-$700 million. Earlier the publication said that grocery startup major is considering raising $200 million in fresh funding and for the same is in talks with the Tata Group.