Amid a brewing war for India's retail space between giants Amazon and Reliance, the Tata group is now in advanced talks to acquire online grocery startup-BigBasket.
According to reports, BigBasket is ready to sell a majority stake for about $1 billion to Tata group. However, both parties have not offered a response at the time of writing.
Incidentally, Tata group is already planning to launch an app which will bring all its consumer businesses in one space to give competition to Amazon and Reliance who are swiftly gaining stakes in e-commerce market.
BigBasket, which boosts 26% investment from China's Alibaba, rivals Walmart owned Flipkart and Amazon's fresh. The investment from Tata group will reportedly buy out all of Alibaba's shares.
Multiple reports also suggest that Tata group could splash around $500-700 million for a controlling stake as BigBasket is also looking to raise around $200 million from a fresh round of funding.
The country has already witnessed a lot of rumblings when it comes to acquiring stakes in consumer retail space, with Future Retail Ltd- the company which owns retailers like Big Bazaar, Easyday, agreeing deals with both Amazon and Mukesh Ambani's Reliance Industries Limited (RIL).