The much-awaited “super app” from Tata Group is around the corner, possibly releasing this December or January next year. The latest news comes from Walmart which is looking to invest $25 billion in the new venture. With the ‘super app’, Tata Group is aiming to create a digital services behemoth offering a wide range of products in the retail space.
According to the internal revelation from the company, Tata group is in talks with Walmart for a deal amounting to $20-25 billion and eventually for a large stake in the proposed super app to be hosted under a Tata Sons subsidiary. Interestingly, Walmart is surpassing its own record of India’s largest retail deal. Back in 2018, Walmart had bought a stake of 66% in Flipkart for $16 billion.
Flipkart and Tata’s super app will be providing the same services, which is strange as they might compete with each other in services. India has already seen the rise of Jio Mart in recent times, and Amazon India is expanding at a rapid pace. However, the super app could be launched as a joint venture between Tata and Walmart, which will enable leveraging on the synergies between Tata’s e-commerce business and Flipkart.
“The super app may include Flipkart’s offerings from Walmart and the entire retail product franchise owned by the Tata group on one platform for retail customers. And on the other hand, Flipkart could get to be powered by Tata,” said an internal source aware of the deal. The joint venture between Tata and Walmart will be big as they are well known and reputed companies. Many foreign investors would also be interested in buying its stocks and investing.
Adani Group buys Holcim’s stake in Ambuja Cement for $10.5B
Toyota to invest $624M to manufacture EV parts in India
Tata Motors announces long-range EVs for India and the rest of the world
Honda to invest $40B in EV technology, plans 30 models
GoTo shares soar after raising $1.1 billion through IPO
© 2022 CIO Bulletin. All rights reserved.