Tata Group to buy majority stake in BigBasket for about $1 billion: Economic Times

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.China's Alibaba, 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.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.

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