Tatas bet big on 'Super App'; seeking $2 billion as war-chest: report
Synopsis
The 'Super App' will be pitted against Mukesh-Ambani-controlled Reliance JioMart, Amazon India and Walmart-owned Flipkart.
Tata Sons is reportedly in discussions with overseas investors to raise approximately $2-2.5 billion as it moves ahead with the September rollout of the pilot version of its 'Super App', a media report has said.
'Super App' would offer a range of products across e-commerce, lifestyle, fashion and financial services among others under one roof in Bengaluru. It will be pitted against Mukesh-Ambani-controlled Reliance JioMart, Amazon India and Walmart-owned Flipkart.
An Economic Times report that in the early stage of fundraising, the $113-billion salt-to-software conglomerate is expected to rope in private equity funds.
Tata Sons would explore options for strategic investors after the business shows a substantial scale-up, the report added.
Health and fitness startup Curefit cofounder Mukesh Bansal, who has joined Tata Digital as president, is a key fundraising team member. Tata group acquired a stake in Bansal's company.
The Economic Times report says that Tata Digital are keen on utilising Bansal's expertise which once saw him building fashion e-commerce biggie Myntra, Flipkart and then Curefit.
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