Tata group wants a slice of BigBasket

The Tata group is in talks to buy a stake in online grocer BigBasket as it plots to join Reliance Industries Ltd (RIL), Amazon and Walmart group in a market that is seeing explosive growth following the pandemic and lockdowns.

Two people familiar with the matter said the Mumbai-based conglomerate may in the first step join the ongoing fundraise of Alibaba-backed BigBasket, which is looking to raise around $200 million in primary equity infusion.

A potential deal will likely value BigBasket at nearly $2 billion, an almost 40% premium to its last fundraise, said one of the two people.