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Tata group wants a slice of BigBasket
The Tata group is in talks to buy a stake in online grocer BigBasket as it plots to join Reliance Industries Ltd (RIL), Amazon and Walmart group in a market that is seeing explosive growth following the pandemic and lockdowns.
Two people familiar with the matter said the Mumbai-based conglomerate may in the first step join the ongoing fundraise of Alibaba-backed BigBasket, which is looking to raise around $200 million in primary equity infusion.
A potential deal will likely value BigBasket at nearly $2 billion, an almost 40% premium to its last fundraise, said one of the two people.
The funding round is also likely to see participation from global investors such as Singapore’s Temasek Holdings and Generation Investment Management, a private equity firm co-founded by former US vice-president Al Gore, and former Goldman Sachs’ Asset Management head David Blood in 2004, the people said.
“Tata, Temasek and Generation Investment Management are in advanced talks with BigBasket. The deal size is around $200 million, which will be entirely primary capital to boost the company’s growth,” the second person said, seeking anonymity. “The transaction in all likelihood is a pre-IPO round, and a public listing is expected in 18 months”.
Both people cited above did not disclose the size of the stake Tata group is looking to buy.
A Tata group spokesperson declined to comment. Temasek and BigBasket, too, declined to comment. An email sent to Generation Investment Management did not elicit a response till press time.
According to a UBS Research note dated 21 September, modern retail is expected to expand faster than the overall retail market. “We estimate the proportion of modern retail in terms of sales could increase from 5.7% of the retail market in FY18 to 13.4% in FY23,” it said.
Tata’s interest in BigBasket comes at a time when the group is looking to enter the online commerce market in a big way.
In August, Financial Times cited Tata Sons chairman Chandrasekaran as saying the app would eventually encompass services from food and grocery ordering to fashion, electronics, insurance, healthcare and bill payments.
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Haryana
Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024
Check the weather forecast and air quality updates for Delhi on October 22, 2024 here.
The temperature in Delhi today, on October 22, 2024, is 32.93 °C. The day’s forecast indicates a minimum and maximum temperature of 22.05 °C and 35.04 °C, respectively. The relative humidity is 26% and the wind speed is 26 km/h. The sun rose at 06:26 AM and will set at 05:44 PM.
Tomorrow, on Wednesday, October 23, 2024, Delhi is predicted to experience a minimum and maximum temperature of 27.42 °C and 34.91 °C, respectively. Tomorrow humidity levels will be at 20%.
With temperatures ranging between 22.05 °C and 35.04 °C, prepare for a hot day and plan outdoor activities accordingly. If you are sensitive to heat, take note of the weather forecast and consider appropriate attire and activities suitable for the prevailing weather.
The AQI in Delhi today stands at 334.0, falling in the very poor category. Everyone should be cautious. Children and people with respiratory diseases, such as asthma, should stay indoors and others should also limit their outdoor activities. Usage of masks and air purifying devices is advised. Being aware of the AQI helps one make informed decisions regarding one’s overall well-being while planning the day’s activities.
Weather and AQI predictions in Delhi for next 7 days:
Date Temperature Sky October 23, 2024 32.93 °C Sky is clear October 24, 2024 32.69 °C Sky is clear October 25, 2024 32.5 °C Sky is clear October 26, 2024 32.07 °C Sky is clear October 27, 2024 30.69 °C Sky is clear October 28, 2024 31.29 °C Sky is clear October 29, 2024 32.09 °C Sky is clear
Weather in other cities on October 22, 2024
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