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Tata Group is preparing to raise a significant sum of $1.3 billion in capital for two of its key digital assets, BigBasket and 1mg, according to an ET report. This move aims to strengthen these businesses and help them keep pace with competitors, sources familiar with the matter revealed.
The conglomerate, which spans industries from salt to software, has enlisted global investment banks Citi and Moelis to assist in securing the funds from external investors. Of the total amount, $1 billion will be allocated to BigBasket, which is known for its scheduled grocery deliveries but was forced to pivot to quick commerce after initially resisting the trend. The remaining $300 million will be directed towards the online pharmacy 1mg. Both of these businesses fall under Tata Digital.
Earlier this year, Tata Sons, the group’s holding company, expressed dissatisfaction with BigBasket’s performance, especially as it lagged behind competitors like Blinkit and Zepto, during a business review.
