Report on Tata's acquisition bid: BigBasket prefers to be mum
BIGBASKET on Wednesday refused to comment on reports that Tata Group is acquiring a majority stake in the grocery delivery platform.
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New Delhi: BIGBASKET on Wednesday refused to comment on reports that Tata Group is acquiring a majority stake in the grocery delivery platform.
TechCrunch earlier reported, citing sources, that Tata Group is buying over 60 per cent stake in BigBasket "in a deal that values the grocery platform between $1.8 billion-$2 billion".
"BigBasket has raised more than $750 million prior to the deal with Tata," the report mentioned.
When contacted, Bigbasket said it does not have an official statement to share on the report. Chinese internet giant Alibaba has about 30 per cent stake in BigBasket.
According to reports, Tata Group is expanding its operations in consumer business as Reliance firms up its own plans with JioMart amid the booming e-grocery market in the country.
