Indian online grocery startup BigBasket is in advanced talks to sell a majority stake for about $1 billion to salt-to-software conglomerate Tata Group, the Economic Times reported here on Wednesday, citing three sources familiar with the matter.
The century-old group has been planning to launch a "super app", one that will tie in all its consumer businesses, several media reports have said, as it competes against Amazon AMZN.O and Reliance Industries RELI.NS, who have made big bets on India's booming e-commerce market.
Bengaluru-based BigBasket competes with Walmart Inc-owned Flipkart and Amazon’s “Fresh” service as more consumers stay indoors and choose to shop online during the COVID-19 outbreak.
The Tata Group and BigBasket did not immediately respond to a Reuters request for comment.
