The Competition Commission of India (CCI) has given its approval to Tata Group's Tata Digital arm to take up to 64.3 percent stake in BigBasket's B2B arm Supermarket Grocery Supplies Private Ltd. The deal will value BigBasket at about $1.8 billion, sources told CNBC TV 18.

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As part of the deal, Supermarket Grocery Supplies will take sole control over BigBasket's B2C business Innovative Retail Concepts Private Limited.

The Tata Group is set to buyout BigBasket's early investor Alibaba, which held a 29.1 percent stake in the company, according to data from tracxn.

Some other early investors in the e-grocer are also set to make an exit.

The BigBasket leadership, led by CEO Hari Menon is set to continue in their roles under the new structure, as per sources.

BigBasket did not respond to queries.

BigBasket's B2B and B2C revenues have seen sharp growth over the years, but losses have also been mounting.

Innovative Retail Concepts (B2C) saw revenues grow 44 percent in FY20 to Rs 3418 crore, while losses were up 22 percent to Rs 424 crore. Supermarket Grocery Supplies (B2B) saw a 36 percent jump in revenues for Fy20 to Rs 3818 crore, and losses jumped 26 percent to Rs 710 crore.

(Edited by : Anshul)

First Published:Apr 29, 2021 10:44 AM IST