According to regulatory records acquired from business intelligence platform Tofler, Tata-owned Innovative Retail Concepts, which owns online grocery platform BigBasket, received a capital infusion of Rs 1,000 crore from holding firm Supermarket Grocery Supplies.
On March 31, the transaction was approved.
Supermarket Grocery is owned by Tata Digital, about 64% of the company. After Tata Digital acquired the BigBasket operator, Innovative Retail Concepts was made a subsidiary of Supermarket Grocery.
The investment comes as Tata Digital is prepared to launch Tata Neu, its superapp. BigBasket is one of the company’s most important online businesses. Apart from the egrocery sector, BigBasket also provides critical logistics infrastructure for other Tata brands’ ecommerce deliveries.
BigBasket’s gross sales for the previous fiscal year were predicted to be $1.3 billion, with sales expected to increase by 40% annually over the next few years.
It has also set up franchise locations for aided shopping and introduced its Fresho outlets for selling fresh supplies in November last year and a multi-mode delivery approach.