Monday, June 5, 2023

Tata Group Mulls Injecting $2 Billion In Super App Tata Neu To Boost Digital Business: Report

Indian salt-to-software conglomerate Tata Group is considering injecting another $2 billion (roughly Rs. 16,500 crore) into its super app venture to bolster its digital business, Bloomberg News reported on Thursday, citing people familiar with the matter.

The funds would help the group’s online platform Tata Neu strengthen its digital offerings, fix technical glitches, and meet any new spending needs, the report said.

The injection would take place over two years if the deal goes through, it added.

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Tata Group has also asked Tata Digital to look for ways to boost the valuation of the super app, according to the report.

A Tata Group spokesperson declined to comment on the report, while Tata Digital did not immediately respond to Reuters’ request for comment.

Tata launched the e-commerce super app in April last year, offering everything from apparel to air tickets in a renewed push for a slice of a fast-growing market dominated by Amazon and Walmart’s Flipkart.

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Back in December, it was reported that Tata Group was planning to open 100 stores across the country that would only sell Apple products. Tata Group’s Infiniti Retail, which runs the consumer electronics store chain Croma, would be an Apple-authorised reseller and set up stores at shopping malls, high-street and neighborhood locations, the report had said.

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Tata had reportedly begun talks with premium malls and high streets and the lease terms included details of brands and stores that could not be opened near these outlets.

The company was also reported to be in talks to buy Wistron’s only iPhone manufacturing facility in India for up to Rs. 5,000 crore.

© Thomson Reuters 2023

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