Tata Digital has acquired a majestic stake in online grocery company BigBasket.
New Delhi. Tata Digital Ltd (Tata Digital Ltd) of Tata Sons Private Limited has acquired a large stake in BigBasket, the country’s largest online grocery company, backed by Alibaba. Tata Digital is a 100 percent owned subsidiary of Tata Sons, the group’s holding company. With this deal, the way for the Tata group to compete directly with companies like Amazon (Flipkart) in the retail sector has been cleared.
Prateek Pal, CEO of Tata Digital, said on Friday, “Grocery goods have been said to be the largest expenditure on personal consumption in India. Big Basket, being India’s largest e-grocery company, fits perfectly in our strategy to create a large consumer digital ecosystem. ”
The price of this deal has not been stated. E-grocery is the fastest growing consumer e-commerce business in the country. Increasing consumer spending and digitization in India are helping to expand this sector. In this era of Corona epidemic, online purchase has increased. The consumer today wants to order good quality goods that it reaches his home 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 Bengaluru. Since then it has registered its presence in 25 cities of the country. Big Basket CEO Hari Menon said, “We are very excited about our future after being part of the Tata group. By connecting with the Tata group, we will be able to connect with the consumer better and grow on our journey ahead. ”