Tata Digital president joins BigBasket's board
Tata Digital’s president Mukesh Bansal has joined the board of multi-brand fast moving consumer goods retailer BigBasket as the latter’s founders have been given a new set of ‘management stock options’.
BigBasket’s founders Hari Menon, VS Sudhakar, and Vipul Parekh have been given a new set of MSOPS, which have been allotted as part of the business’ plan to 'retain, attract and motivate’ talent in BigBasket’s online business-to-business segment, the Economic Times reported. MSOPS are types of senior management equity which are used as devices to create and manage company owners and as a performance incentive.
Tata Group’s decision to grant MSOPS to BigBasket’s founders is an indicator that the business intends for the executives to continue to helm the business and pursue its growth. BigBasket has expanded its product categories in segments including beauty.
After Tata Group acquired BigBasked and invested in the business earlier in 2021, it had a valuation of $2 billion which could now increase thanks to the new grants as BigBasket prepares to make its public market debut, according to data from business intelligence platform Tofler, ET Tech reported. This debut is expected in the next year or two.
Bansal was named as Tata Digital’s president in June this year. Earlier in the year, Tata Group took a minority stake in Bansal’s fitness and lifestyle brand Cultfit (previously named Curefit).
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