Tata To Raise $2.5 Billion For Its Digital Business And Create A Super App
- ByStartupStory | June 22, 2021
With the aim of making a super app, online grocery store BigBasket, online pharmacy startup 1mg have been acquired by the company, also Tata to raise $2.5 billion for its digital business. Tata Sons is obviously looking for investors to put their money in, as they are thinking of doing a digital expansion. Tata Sons chairman N Chandrasekaran recently met many investors during his US trip in May to present the group’s new venture, and for Tata to raise $2.5 billion for its digital business. Initially PE funds will be approached, later as the business grows it will itself attract more big investors.
Tata aims to expand the company’s digital footprint across businesses in order to compete with the likes of Amazon, Flipkart and Reliance’s JioMart. Mukesh Bansal, co-founder of fitness startup Curefit who joined Tata Digital as president is one of the key members of the fundraising team, stated that Tata is looking for an one stop platform that will have in it ecommerce, financial services, fitness, lifestyle, and ofcourse fashion.
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