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Big blow to Chinese firm Alibaba as Tata Group plans to acquire 68% stake in BigBasket for Rs 9,500 crore

Big blow to Chinese firm Alibaba as Tata Group plans to acquire 68% stake in BigBasket for Rs 9,500 crore
The deal is significant as it will allow a host of investors of BigBasket, including Alibaba to exit from the BigBasket.
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Updated: Feb 17, 2021, 01:33 PM IST
In yet another blow to China, the Tata Group is plannuing to acquire 68 per cent stake in online grocery platform BigBasket. It is learnt that Tata Group will spend around Rs 9,500 crore as the company plans to expand its footprints in the rapidly growing e-commerce space in India.
Sources said that the Tata group wanted to gain majority control in the Bengaluru-based startup and it has inked the deal to achieve its goal. The deal is significant as it will allow a host of investors of BigBasket, including Chinese billionaire Jack Ma-controlled Alibaba to exit from the BigBasket. Currently, Jack Ma-controlled Alibaba owns a 27.58 per cent stake in the company. ....

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Tatas acquire 68% stake in bigbasket for ₹9,500 crore - The Hindu BusinessLine

Tatas acquire 68% stake in bigbasket for ₹9,500 crore
February 16, 2021
BigBasket needs to expand offline to scale up its business - THE HINDU×
Salt-to-software conglomerate Tata Group has signed a deal to acquire a 68 per cent stake in bigbasket, an online supermarket backed by Alibaba Group Holding Ltd, for nearly ₹9,500 crore.
The stake is being acquired through Tata Digital, a subsidiary of Tata Sons, which was set up for the conglomerate’s foray into the tech sector. While the deal would help Tatas compete with retail giants such as Reliance Retail, Flipkart and Amazon, it would also mark the exit of Alibaba from bigbasket. ....

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Tata Group poised to pump in $200-250 mn in BigBasket, in advanced talks to invest $ 250 mn in e-pharmacy 1mg

Updated Jan 20, 2021 | 08:22 IST
The Tata Group is expected to buy the entire shareholding of two of Big-Basket’s biggest investors Chinese e-commerce behemoth Alibaba and private equity firm Abraaj Group.
Tata Sons Chairman Natarajan Chandrasekaran (File photo). | Photo Credit: BCCL
New Delhi: The Tata Group is reportedly all set to pump in $200-250 million primary cash in BigBasket to acquire a controlling stake in India’s biggest online grocery startup that will put the coffee-to-cars conglomerate in direct competition with billionaire Mukesh Ambani’s ambitious online grocery shopping venture JioMart, Amazon India and Walmart-owned Flipkart. Plus, the closing of the deal is likely to speed up the Mumbai-based conglomerate s efforts to acquire online pharmacy 1mg. ....

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