Tata-owned Innovative Retail Concepts, which runs online grocery platform BigBasket, has secured $131 million (Rs 1,000 crore) in funding from its holding company Supermarket Grocery Supplies, the Economic Times reported on Wednesday, citing regulatory filings sourced from business intelligence platform Tofler.
Tata Digital owns around 64% stake in Supermarket Grocery. Innovative Retail Concepts was made a subsidiary of Supermarket Grocery after Tata Digital acquired the BigBasket operator.
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