 "Tata Group to buy majority stake in BigBasket for about $1 billion: Report")
BENGALURU (Reuters) - Indian online grocery startup BigBasket is in advanced talks to sell a majority stake for about $1 billion to salt-to-software conglomerate Tata Group , the Economic Times reported on Wednesday, citing three sources familiar with the matter.
The century-old group has been planning to launch a "super app", one that will tie in all its consumer businesses, several media reports have said, as it competes against Amazon and Reliance Industries , who have made big bets on India's booming e-commerce market.
Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon's "Fresh" service as more consumers stay indoors and choose to shop online during the COVID-19 outbreak.
The Tata Group and BigBasket did not immediately respond to a Reuters request for comment.
China's Alibaba <9988.HK>, which holds around 26% stake in BigBasket, is expected to sell its entire shareholding in the company, the Economic Times reported.
"While the talks have been ongoing for some time, it is still work-in-progress as far as the specifics go. It may eventually not lead to a transaction at all," the newspaper cited one of the sources.
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Separately, the Mint newspaper also reported on Wednesday that Tata Group could pay $500 million-$700 million for a controlling stake in BigBasket. The paper had earlier said that BigBasket was looking to raise $200 million for a fresh funding round and was in talks with the Tata Group.
(Reporting by Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)