The Tata Group and leading e-grocer Bigbasket have finally inked a deal, with the former set to acquire a 68 percent stake in the Bengaluru-headquartered startup. The companies are now awaiting approval from the Competition Commission of India (CCI) before the deal is formally announced, according to sources.

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CNBC TV 18 has learned that the Tata Group will pick up the majority stake for around Rs 9,100- Rs 9,200 crore, buying out investors Alibaba and Abraham Group completely.

Tata Group and BIGBASKET did not offer comments on queries around the deal.

The deal will value BigBasket at Rs 13,300 odd crore (around $1.8 billion), higher than the $1.23 billion that the startup was valued at as of March 2020, as per data from Tracxn.

Alibaba held a 29.1 percent stake in BIGBASKET, while the Abraham Group held a 16.3 percent stake, as per data from Tracxn.

The Bigbasket leadership, led by CEO Hari Menon are set to continue in their roles under the new structure.

Bigbasket is currently seeing over 3 lakh orders daily, as per market research firm Forrester.

The company’s B2C business (Innovative Retail Concepts) saw revenues grow 44 percent in FY20 to Rs 3418 crore, though losses also shot up 22 percent to Rs 424 crore.

BigBasket’s wholesale business Supermarket Grocery Supplies saw a 36 percent jump in revenues for FY20 to Rs 3818 crore, with losses shooting up by 26 percent to Rs 710 crore.

(Edited by : Abhishek Jha)

First Published:Feb 16, 2021 4:57 PM IST