<p>The Tata group is acquiring 68 per cent stake in online grocery platform BigBasket for around Rs 9,500 crore as it bids to expand in the fast growing e-commerce space in India, according to sources.</p>.<p>The salt-to-software conglomerate, which has been working to gain majority control in the Bengaluru-based startup for months, has finally signed the deal, according to people in the know of the development.</p>.<p>The deal provides an exit route for a host of investors of BigBasket, including Chinese billionaire Jack Ma-controlled Alibaba.</p>.<p>When contacted to confirm the development, Tata group, BigBasket and Alibaba declined to comment.</p>.<p>It is understood that Tata group's acquisition puts the enterprise value of BigBasket at over Rs 13,500 crore.</p>.<p>The deal comes at a time when online shopping has accelerated in India, especially in the aftermath of COVID-19 pandemic.</p>.<p>The conglomerate has been reported to be working on a 'super app' to stamp its presence in the e-commerce space currently dominated by Amazon and Walmart-owned Flipkart, while Reliance Retail is also making heavy inroads in the sector.</p>.<p>In March 2019, BigBasket had raised USD 150 million from Mirae, Alibaba and CDC Group, which placed the Bengaluru-based company in the unicorn club (companies with valuation of USD 1 billion and above).</p>.<p>The company had then said it planned to utilise the proceeds of this fundraising to further penetrate into existing markets with more investments in the first mile, scaling-up of its supply chain and for developing new reseller channels.</p>.<p>Founded in 2011, BigBasket operates in 25 Indian cities. It competes with SoftBank-backed Grofers as well as Amazon India and Flipkart.</p>.<p>According to reports, the top management of BigBasket, including co-founder Hari Menon, may continue with the company for three to four years. However, Menon did not respond when reached out for comments</p>
<p>The Tata group is acquiring 68 per cent stake in online grocery platform BigBasket for around Rs 9,500 crore as it bids to expand in the fast growing e-commerce space in India, according to sources.</p>.<p>The salt-to-software conglomerate, which has been working to gain majority control in the Bengaluru-based startup for months, has finally signed the deal, according to people in the know of the development.</p>.<p>The deal provides an exit route for a host of investors of BigBasket, including Chinese billionaire Jack Ma-controlled Alibaba.</p>.<p>When contacted to confirm the development, Tata group, BigBasket and Alibaba declined to comment.</p>.<p>It is understood that Tata group's acquisition puts the enterprise value of BigBasket at over Rs 13,500 crore.</p>.<p>The deal comes at a time when online shopping has accelerated in India, especially in the aftermath of COVID-19 pandemic.</p>.<p>The conglomerate has been reported to be working on a 'super app' to stamp its presence in the e-commerce space currently dominated by Amazon and Walmart-owned Flipkart, while Reliance Retail is also making heavy inroads in the sector.</p>.<p>In March 2019, BigBasket had raised USD 150 million from Mirae, Alibaba and CDC Group, which placed the Bengaluru-based company in the unicorn club (companies with valuation of USD 1 billion and above).</p>.<p>The company had then said it planned to utilise the proceeds of this fundraising to further penetrate into existing markets with more investments in the first mile, scaling-up of its supply chain and for developing new reseller channels.</p>.<p>Founded in 2011, BigBasket operates in 25 Indian cities. It competes with SoftBank-backed Grofers as well as Amazon India and Flipkart.</p>.<p>According to reports, the top management of BigBasket, including co-founder Hari Menon, may continue with the company for three to four years. However, Menon did not respond when reached out for comments</p>