Tata Group Mulls Injecting $2 Billion in Super App Tata Neu to Boost Digital Business: Report

The funds would help the group's online platform Tata Neu strengthen its digital offerings.

By Reuters | Updated: 23 March 2023 17:36 IST

Tata Group Mulls Injecting $2 Billion in Super App Tata Neu to Boost Digital Business: Report

Photo Credit: Reuters

Tata Group has asked Tata Digital to look for ways to boost the valuation of the super app

Highlights

A Tata Group spokesperson declined to comment on the report
Tata Digital did not immediately respond to request for comment
Tata launched the e-commerce super app in April last year

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.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

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.

Kiran Mazumdar-Shaw Retires as Independent Director From Infosys Board

Back in December, it was reported that Tata Group was planning to open 100 stores across the country that will 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 neighbourhood locations, the report had said.

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.

Senior Official of Chinese Phone Maker Held for ITC Fraud of Rs. 19 Crore

The Xiaomi 13 Pro has a hefty price tag compared to the company's 2022 flagship model. How does it fare against other high-end phones launched in 2023? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.