Tatas line up $1.2 billion for e-commerce play

Tata Group is set to invest around $1.2 billion for its entry into digital commerce with majority stakes in e-grocer Bigbasket and e-pharma platform 1MG, according to two sources briefed on the matter.

These sources said Tatas are finalising an investment of $940-950 million in Bigbasket for under 70% stake, valuing the company at around $1.4 billion. The Mumbai-based conglomerate is also putting about $250 million in 1MG. Both these investments are in their final stages and expected to be completed over the coming weeks.