Tata Group Looks To Acquire BigBasket, 1mg For $1.2 Bn

Tata Group is looking to shell out about $1.2 Bn in order to make a formal entry into the online grocery and medicine segment by acquiring a majority stake in BigBasket and 1mg. The enterprise is looking to invest about $940 Mn-$950 Mn in BigBasket for about 67% stake, and $250 Mn in 1mg for a majority stake as well.

Tata is expected to buy out Alibaba’s 30% stake in BigBasket, making the Chinese firms’ exit from one of the key investments in India. The investment in 1MG is also expected to be a mix of primary and secondary capital infusion, with 1MG’s early investors partially selling their stakes. In a secondary transaction, the new investor buys stake from existing investors and the money goes to the latter, instead of the company’s coffers.

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