Severe blow to Chinese billionaire Jack Ma, Tata Group snatches BigBasket from Alibaba

New Delhi: Tata group is acquiring 68 percent stake in online grocery platform BigBasket for around Rs 9,500 crore.

Chinese internet giant Alibaba has about 30 percent stake in BigBasket. The deal provides an exit route for a host of investors of BigBasket, including Chinese billionaire Jack Ma-controlled Alibaba.

News Agency PTI said, when contacted to confirm the development, Tata group, BigBasket and Alibaba declined to comment. It is understood that Tata group's acquisition puts the enterprise value of BigBasket at over Rs 13,500 crore, PTI added.

The eGrocery market has grown 60 percent from the calendar year 2020 and is expected to grow 41-49 per cent by the first half of CY21, according to the latest data provided by homegrown consulting firm RedSeer.

In March 2019, BigBasket had raised USD 150 million from Mirae, Alibaba and CDC Group, which placed the Bengaluru-based company in the unicorn club (companies with valuation of USD 1 billion and above).

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Founded in 2011, BigBasket operates in 25 Indian cities. It competes with SoftBank-backed Grofers as well as Amazon India and Flipkart.