Tata Digital, which acquired BigBasket and 1MG in 2021, is working on a super app. The company also made an investment of $75 million in Cultfit. (Representational image: Africa Studio/via Shutterstock)
Tata Digital is working on a new e-commerce platform that will sell beauty and cosmetics products, according to an Economic Times report.
The new online marketplace will be separate from the group’s existing e-commerce stores such as Tata CLiQ, which sells apparel and electronics, and Westside, per the report.
Moneycontrol could not independently verify the story.
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The salt-to-steel conglomerate’s new app will compete with existing etailers in the beauty and cosmetics space, such as Nykaa, Purplle and MyGlamm.
A Tata Digital spokesperson declined to comment when contacted by The Economic Times.
“Tata Digital is diversifying rapidly to capture fast-moving consumer-facing segments within the digital ecosystem. The group sees the upcoming venture as a strategic high-growth platform,” a source told the publication.
Tata Digital, which acquired BigBasket and 1MG in 2021, is working on a super app. The company also made an investment of $75 million in Cultfit.
Nykaa has begun working on an initial public offering (IPO), which might value the company at as much as $8 billion. The company has filed the draft papers for the public offering with the Securities and Exchange Board of India (SEBI).
Moneycontrol has previously reported that Purplle is in talks to raise $50-75 million, which could value the company at over $500 millionInternet Explorer Channel Network