Business

Extreme blow to Chinese language billionaire Jack Ma, Tata Group snatches BigBasket from Alibaba


New Delhi: Tata group is buying 68 % stake in on-line grocery platform BigBasket for round Rs 9,500 crore.

Chinese language web large Alibaba has about 30 % stake in BigBasket. The deal offers an exit route for a bunch of traders of BigBasket, together with Chinese language billionaire Jack Ma-controlled Alibaba.

Information Company PTI stated, when contacted to substantiate the event, Tata group, BigBasket and Alibaba declined to remark. It’s understood that Tata group’s acquisition places the enterprise worth of BigBasket at over Rs 13,500 crore, PTI added.

The eGrocery market has grown 60 % from the calendar 12 months 2020 and is predicted to develop 41-49 per cent by the primary half of CY21, in keeping with the newest knowledge supplied by homegrown consulting agency RedSeer.

In March 2019, BigBasket had raised USD 150 million from Mirae, Alibaba and CDC Group, which positioned the Bengaluru-based firm within the unicorn membership (firms with valuation of USD 1 billion and above).

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Based in 2011, BigBasket operates in 25 Indian cities. It competes with SoftBank-backed Grofers in addition to Amazon India and Flipkart.

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