Bigbasket may sell a majority stake for about $1bn to Tata Group, media reports said quoting sources. Alibaba Group, having 26 % stake in bigbasket.com, is expected to sell its entire stake in the start-up. The salt-to-software conglomerate is planning to launch a “super app”, as it plans to compete with Amazon and Reliance Industries in India’s booming e-commerce market. The online grocery startup competes with Walmart owned Flipkart and Amazon’s “Fresh” services.
E-commerce in India is expected to hit $99 bn in size with penetration of almost 11%. Indian e-comm market, for each of the next four years, will surpass US, China, the UK, Europe and Brazil, said a Goldman Sachs’s report. The growth in India, for the current fiscal, is expected over 18%. Online grocery to be the biggest incremental growth driver for e-com in next five years to be of $29 bn in size from $2 bn.