New Delhi: Tata Digital will become the one entity for all Tata group’s online shopping ventures, such as Big Basket, Tata Neu and Croma, As per the reports.
As per the regulatory filings, The company is also planning to transfer the holding company for Tata UniStore, which owns the fashion and luxury-focused e-commerce platform Tata Cliq, under Tata Digital.
The move further intensifies the group’s presence in e-commerce. Tata Digital said in the statement that the authorized capital was also increased considering its business plans, repayment of the debt, and the investments to be made from time to time.
According to the filing made to the Registrar of companies (RoC), the group last week upped the authorized share capital of Tata Digital by Rs 1,000 crore to Rs 21,000 crore and infused a fresh Rs 750 crore.
This is the second time this fiscal year that the group has increased the Tata Digital’s authorized share capital of Tata Digital from Rs 15,000 crore to Rs 20,000 crore to pave the way for capital infusion, with the earlier infusion was for Rs 3462 crore. According to the reports, In March, Tata Digital had increased it from Rs 11,000 to Rs 15,000 crore.
Tata UniStore’s joint owners were Tata Industries and Trent. Tata Industries owns a 96.78% share, and Trent holds the remaining. The group has valued Tata UniStore at ₹750 crores. The multinational conglomerate will be offered preference shares to Trent and Tata Industries on a private placement basis as consideration for the acquisition of Tata UniStore.
According to the reports, In the Indian e-commerce space, Tata Group competes with Walmart-owned Flipkart and Myntra, Amazon, and Reliance Industries. In FY22, its filings showed that Tata UniStore’s net loss doubled to Rs 750 crore, even as revenue jumped 137% to Rs 844 crore.
