The online household items and fresh produce marketplace has sealed a $1.2bn majority acquisition by the Tata unit, enabling Alibaba to exit.
Tata Digital, a subsidiary of conglomerate Tata Group, has acquired a majority stake in BigBasket, an India-based grocery platform backed by e-commerce firm Alibaba, the Economic Times reported on Friday.
The corporate has reportedly made the first payment of $200m for the deal, which values BigBasket at $2bn post-money. It was approved in April this year after being agreed two months before, and Tata Digital is set to pay $1.2bn for a 64.3% stake in the company at…
