Tata Digital Ltd has acquired a majority stake in online grocery platform Bigbasket.
Tata Digital is a 100 per cent subsidiary of Tata Sons.
"Grocery is one of the largest components of an individual's consumption basket in India, and Bigbasket as India's largest e-grocery player, fits in perfectly with our vision of creating a large consumer digital ecosystem. We are delighted to welcome Bigbasket as a part of the Tata Digital," Pratik Pal, CEO of Tata Digital, said in a statement on Friday.
Specific details about the deal were not disclosed.
E-grocery has been one of the fastest growing segments in the consumer e-commerce space and its growth is propelled with India's rising consumption and digital penetration.
The current pandemic has further accelerated its adoption as consumers seek the convenience of ordering quality groceries to be delivered safely at home.
Bigbasket was founded in 2011 in Bangalore and has expanded its presence to more than 25 cities.
"We are extremely excited about our future as a part of Tata Group. As a part of the Tata ecosystem we would be able to build stronger consumer connect and accelerate our journey," Hari Menon, CEO of Bigbasket, said.
According to the statement, Tata Group is building a digital consumer ecosystem addressing consumer needs across categories in a unified manner, and online food and grocery is an important part of this ecosystem.
This acquisition presents an attractive opportunity for Tata Group in its overall vision of creating a digital ecosystem, it added.
