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BigBasket’s board has approved Tata Group’s purchase of a majority stake 64% in the online grocery, a person aware of the matter said. The Bengaluru-based company has also received a primary capital infusion of $200 Mn at a post-money valuation of $2 Bn, this person.
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The Competition Commission of India said it has approved the acquisition by Tata Digital of up to 64.3 percent of Supermarket Grocery Supplies and its sole control over Innovative Retail Concepts, the company that runs BigBasket Tata Digital is a wholly-owned subsidiary of Tata Sons. While Supermarket Grocery Supplies operates the business to business division, Innovative Retail Concepts runs BigBasket.