India’s Tata Group mulls pumping $2 bln into super app venture -Bloomberg News
Bengaluru (Reuters) – Indian salt-to-software conglomerate Tata Group is considering injecting another $2 billion 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.
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 and Tata Digital declined to comment on the report.
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.com (AMZN.O) and Walmart’s (WMT.N) Flipkart.