Tata digital announced that it will be buying a majority stake in e-pharma startup 1mg, as it intends to build its super app. The Tata group-owned company, recently, has bought BigBasket and made an investment in Curefit. The financial details of the deal were not disclosed. The buying of a stake in 1mg will increase Tata digital’s reach as the e-pharma startup has a supply chain of over 20,000 pin codes and works with three advanced labs.
Tata sons via Tata Digital have got their hands on a 64.3% stake in Alibaba-backed online grocery store, BigBasket. In March, India’s antitrust body approved the stake acquisition which came to fruition this month. The deal is said to be worth Rs 95 bn, which will buy out Alibaba’s stake in the e-grocer. Tata group is now a direct competitor to Amazon, Walmart, and Reliance. Tata Digital plans to launch its super app in 2022, with all facilities on a single platform.
After getting major stakes in Bigbasket and 1mg, Tata group is looking to buy Curefit. There are plans to bring Curefit founder Mukesh Bansal on the board. Nothing is yet confirmed and plans may change. Curefit has been valued at $800 mn and has been badly affected by the pandemic as it shut down its cloud kitchens, fired 10% of its employees and the rest had to take pay cuts. In July 2020 more than 500 employees were sent on temporary leave.
Independent cybersecurity expert Rajashekhar Rajaharia has asked users to change their Flipkart account passwords. This is after an unauthorised transaction from a Flipkart user account, which had kept similar login and password on BigBasket, which was leaked online. Hackers are selling email and password combinations of Flipkart data. Rajaharia has urged users to make 2FA mandatory to prevent anyone from accessing their account.
Hacker group ShinyHunters has published 20 mn BigBasket users database having email ID, phone number, address, scrambled password which is free to download. BigBasket had suffered a data breach in Nov last year, in which cybercriminals had stolen the data of 20 mn users. The incident has happened at a time when Tata Group has agreed to acquire BigBasket at a valuation of over $1.8 bn. The acquisition, at present, is awaiting regulatory approval.
The Tata group is acquiring 68 % stake in online grocery platform BigBasket for around ₹9,500 cr as it bids to expand in the fast-growing e-comm space in India. The deal provides an exit route for a host of investors of BigBasket, including Chinese billionaire Jack Ma-controlled Alibaba. Tata group’s acquisition puts the enterprise value of BigBasket at over ₹13,500 cr. The move comes at a time when the group is working to develop a super app in the world’s second-largest internet market.
The Tata Group has finalised a $200-250 mn primary cash infusion in BigBasket and online pharmacy 1mg as part of its deal to acquire a majority stake in both the internet firms. Tata will shell out a total $1.2 bn, in a mix of a primary and secondary sale of shares, to acquire 60% stake in BigBasket. The conglomerate may provide a full exit to two of BigBasket’s biggest investors, Alibaba and Abraaj Group, having 27.58% and 18.05% stake, respectively.
The hacker who possibly hacked masked credit and debit card data of JusPay users, ‘Shinty Hunters’ was now selling databases belonging to three more Indian firms -ClickIndia, ChqBook and WedMeGood, claimed cybersecurity researcher Rajshekhar Rajaharia. Bigbasket found that data of 20 mn users had been hacked and put on sale on the dark web for over $40,000. Rajaharia sensed a strong connection between all these recent data leaks, including BigBasket.
Big Basket had lost 80% of its total workforce within two days of the announcement of nationwide lockdown in March. This is when most of the grocery buying shifted to online as people cannot step out and shops were closed. The Bangalore based company went on a hire 12,000 people in 16 days and bounce back. This was revealed by CEO Hari Menon while speaking at a three-day online leadership programme of “Isha Insight: The DNA of Success.