The launch of the Tata group's all-in-one app would effectively serve as a one-stop shop for a wide range of its consumer products and services
The Tata group is in talks with investors to sell stake in its upcoming digital platform, according to a Bloomberg report. With this, the salt-to-software conglomerate is looking to make its way into the attractive Indian e-commerce market.
The launch of the group's all-in-one app that would effectively serve as a one-stop shop for a wide range of its consumer products and services, will put it right in the middle of the brewing competition in the arena with Reliance Industries' Chairman Mukesh Ambani and global e-commerce giants like Amazon and Walmart.
Last month, Bloomberg had reported that the Tata group is looking to introduce its very own digital platform by the end of 2020 or early next year.
The Indian e-commerce market has grabbed the attention of many across the world, with the likes of social media giant Facebook and tech-giant Google entering the space to capitalise on what is being seen as a rather potent opportunity.
According to GlobalData, a London-based data analytics firm, India's e-commerce market is set to grow faster than expected - at a compound annual growth rate (CAGR) of 19.6 percent. This would give the Indian e-commerce sector a market size of Rs 7 trillion by 2023.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Moneycontrol.