BigBasket receives an additional Rs 350 million from its controlling firm

Innovative Retail Concepts, owned by Tata Digital, which operates online grocery platform BigBasket, received Rs 350 crore from holding company Supermarket Grocery Supplies, regulatory filings obtained by business intelligence platform Tofler show.

The latest investment was approved on May 24, according to the documents.

ET reported in April that BigBasket had received Rs 1 billion from the holding company.


     The additional investment comes at a time when Tata Digital is promoting its super app Tata Neu.

Tata Digital launched the app after several delays on April 7th and announced it in the Indian Premier League (IPL).

Tata Digital owns approximately 64% of Supermarket Grocery Supplies.

Innovative Retail Concepts became a subsidiary of Supermarket Grocery after Tata Digital acquired operator BigBasket, ET, in October last year.

ET reported on March 23 that the company is implementing a multi-model approach to its business.

Amid a race for 10-minute deliveries, the company is working on a 1-hour delivery model to complement its 20-minute and next-day delivery models.

ET announced on March 11 that BigBasket expects to close the current fiscal year with gross sales of $1.3 billion, up from $1 billion last year.

His goal is to grow his gross sales by about 40% over the next two years.


Also Read: SBI and 15 others sell Suzlon loans worth over Rs 8,000 crore to REC and IREDA