Tata-owned entity Innovative Retail Concepts, the parent company behind the grocery unicorn BigBasket, has received capital infusion of Rs 1,000 crores from its holding company Supermarket Grocery Supplies.
Tata digital holds 64% in Supermarket Grocery Supplies since May 2021 and later held majority in Innovative Retail Concepts. After acquiring majority in Innovative Retail, the company was made into a subsidiary of Supermarket Grocery.
Tata Digital is a 100% subsidiary of Tata Sons. BigBasket is an important part of Tata’s new app Neu as it features as the grocery section of the app. The grocery business is also providing delivery manpower to the businesses on Tata Neu.
Moreover, the egrocery company has recently announced that it will be launching a one-hour delivery service called BB Express. This news came after Zomato received severe backlash for launching its 10-min delivery service.
BigBasket is a crucial part of Tata’s plans as Tata Digital, which has acquired several new age businesses like BigBasket and 1mg, recently received Rs 5,882 crores from Tata Sons to compete against large companies like Amazon and Flipkart.
Highlight by Aman Agarwal.