The deal between Tata Group and one of India’s largest e-grocers, Bigbasket, is in the last lap, CNBC-TV18 learns from sources. The Tata Group is set to acquire a majority stake in the e-grocer and the deal could be closed by the end of the month, sources said.

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BigBasket is among the largest e-grocers in the country, with nearly 3 lakh orders per day, according to data by Forrester. BigBasket’s valuation as on March 2020 was $1.23 billion, and according to company research platform Tofler, the company clocked FY19 revenues of Rs 5,200 crore and a loss of around Rs 920 crore.

Industry watchers see the move as part of the Tata Group’s strategy to build a super app. The Tata Group’s internal M&A team is working on the deal, sources said.

Tata Group is likely to buy out Alibaba’s entire 29.1 percent stake, as well as the stakes of some other investors. The other major investors, according to data by Traxcn are Abraaj Group (16.3 percent), Ascent Capital (8.6 percent), Helion Venture Partners (7 percent), Bessemer Venture Partners (6.2 percent), Mirae Asset Naver Asia (5 percent), International Finance Corporation (4.1 percent), Sands Capital (4 percent), and CDC Group (3.5 percent).

BigBasket, Tata Group, Alibaba did not respond to queries from CNBC-TV18.

(Edited by : Santosh)

First Published:Nov 24, 2020 12:02 PM IST