Tata Group has signed a deal to acquire a 68% stake in BigBasket, an online supermarket backed by Alibaba Group Holding Ltd, for about ₹9,500 crores. The stake is being acquired through Tata Digital, a subsidiary of Tata Sons, which was set up for the Tata group to step into the tech sector. This deal is assumed to help Tatas contend with retail giants such as Amazon, Flipkart, and Reliance Retail.

According to the sources, the deal was signed recently. Being a massive deal, it involved many complexities and was time-consuming. The parties intended to close the deal by December. The sources didn't specify the exact date of signing the deal. The deal was inked at an enterprise value of ₹13,500 crores. According to the sources, the Tata Group was looking to acquire a minimum of 51% stake but was prepared to go up to 80%, depending on the price, and was willing to invest up to $1.5 billion in BigBasket.

The Chinese billionaire Jack Ma's Alibaba group held a 29% stake in the company, while the other key investors included Ascent Capital, Abraaj Group, Bessemer Venture Partners, Helion Venture Partners, and Mirae Asset-Naver Asia. This deal would mark the exit of Alibaba from BigBasket.