Innovative Retail Concepts owned by Tata, which runs online grocery platform BigBasket, has received a capital infusion of Rs 350 crore from holding company Supermarket Grocery Supplies.
The capital was raised against 3.5 crore shares with each shared priced Rs 100, according to regulatory filings sourced from business intelligence platform Tofler.
Last month, BigBasket had raised Rs 1,000 crore from its holding company.
Innovative Retail Concepts was made a subsidiary of Supermarket Grocery after Tata Digital acquired BigBasket in 2021. Tata owns 4 percent stake in Supermarket Grocery Supplies that owns BigBasket. Apart from its own app and website, BigBasket now sells via super app Tata Neu also.
This comes at a time when quick commerce is seeing increasing competition. With Zomato, Swiggy, Zepto doubling down on its delivery services, the sector has been one of the most watched out space.
BigBasket too forayed into the space, late last year with its express deliveries. Additionally, the Bengaluru-based company has also opened into offline retail with its first store opened in 2021 and plans to open 200 such stores by fiscal year 2023. Now part of Tata's Super app Neu, BigBasket has been a key business line for the conglomerate to acquire market share in this hot space.
Earlier this week Moneycontrol reported that Tata Neu is considering a slew of moves, from leveraging its supply chain capabilities for express deliveries, to consolidating data across brands to personalise the app, and adding Metaverse for commerce.
Tata Neu is now looking to leverage on its omnichannel presence and plans to bring its data from across its brands under the Tata Neu app to better target customers for its omnichannel play.
