Tata Digital acquires ownership in BigBasket
Tata Digital Ltd, a 100% subsidiary of Tata Sons has acquired a majority stake in online grocery seller BigBasket. Commenting on the development, Hari Menon, Big Basket CEO & Co-Founder, said it is going to be business as usual at the company.
“Everything is going to be the same and all the founders will continue to be in the company,” Menon re-assured.
While Tata Digital did not disclose the details, but the Competition Commission of India (CCI) had last month approved Tata Digital’s acquisition of up to 64.3 percent of the total share capital of BigBasket’s parent company Supermarket Grocery Supplies with a valuation of $2 billion.
“Grocery is one of the largest components of an individual’s consumption basket in India, and BigBasket, as India’s largest e-grocery player, fits in perfectly with our vision of creating a large consumer digital ecosystem. We are delighted to welcome BigBasket as part of Tata Digital,” said Pratik Pal, CEO, Tata Digital.
Hari Menon, co-founder, and CEO of BigBasket, said the company was “extremely excited” about its future as part of Tata Group. “As a part of the Tata ecosystem, we would be able to build a stronger consumer-connect and accelerate our journey,” he said.
