Tata Digital-owned Innovative Retail Concepts, which runs online grocery platform BigBasket, has received a new capital infusion of Rs 350 crore from holding company Supermarket Grocery Supplies, regulatory filings sourced from business intelligence platform Tofler showed.
The latest investment was approved on May 24, the filings showed. BigBasket had received a Rs 1,000-crore infusion from the holding company.
The additional investment in BigBasket comes at a time when Tata Digital is aggressively promoting its super app, Tata Neu. The company launched the app on April 7, after multiple delays, and advertised it throughout the Indian Premier League (IPL).
Tata Digital owns around 64 percent of Supermarket Grocery Supplies. Innovative Retail Concepts was made a subsidiary of Supermarket Grocery after Tata Digital acquired the BigBasket operator.