Tata group eyes online grocery market – plans tie-up with BigBasket
The Tata group wants to join the race to capture the thriving online grocery market, which since the pandemic has seen an explosive growth and entry of the likes of Reliance. To make a grand entry into the segment, Tata Group wants to partner with BigBasket, one of India’s unicorns. For starters, the Tata group is planning to join the fundraising of Alibaba-backed BigBasket as it plans to raise $200 million from investors.
Apart from Tata, Singapore’s Temasek Holdings and US-based Generation Investment Management will also take part in the fundraising. The latest fundraising deal is likely to value the Bengaluru-based start-up at $2 billion, which is 40 per cent premium to its last fundraise, LiveMint reported citing sources. The deal is supposed to be a primary capital, which BigBasket will use to expand its footprints and boost growth.
BigBasket has big plans when it comes to expanding its business in India. If reports are to be believed, the start-up is planning launch initial public offering in the next two years. Most likely, this funding round is going to be last before the formal IPO launch.