Tata-owned, BigBasket operator Innovative Retail Concepts receives Rs 1,000 investment

By

Isabelle Crossley

Published
Apr 14, 2022

Tata-owned Innovative Retail Concepts, which operates FMCG business BigBasket, has received a Rs 1,000 funding injection. The investment was made by holding company Supermarket Grocery Supplies.

As Tata Digital has just launched its super app Tata Neu, it has given its largest business on the shopping app a funding boost. The transaction for the investment was approved on March 31, 2022, according to information on business intelligence platform Tofler, accessed by the Economic Times.
 
As well as retailing an array of groceries, clothing, cosmetics, and other FMCG products, BigBasket is also providing logistics support to other Tata brands. BigBasket has launched a number of new delivery options including its most recent launch BBNow, which offers deliveries in select metros in 10 to 20 minutes through the use of dark stores in strategic locations. 

Tata’s Digital arm owns around a 64% stake in Supermarket Grocery, of which Innovative Retail Concepts was made a subsidiary after Tata acquired BigBasket’s operator last year. 
 
Following a secondary share sale, BigBasket was recently valued at around $2.7 billion and is India’s largest online grocery business. The business is estimated to have closed the 2022 financial year with gross sales of $1.3 billion and has a projected growth rate of 40% per year for the coming few years.