Indian conglomerate Tata Group is considering injecting another $2 billion into its super app venture to bolster its digital business, Bloomberg News report said.
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 injection would take place over two years if the deal goes through.
Tata Group has also asked Tata Digital to look for ways to boost the valuation of the super app.
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 and Walmart’s Flipkart.
India’s e-commerce market is projected to grow from $83 billion in 2022 to $150 billion in 2026, as cash transactions decline further, according to the 2023 Global Payments Report by financial technology leader FIS.
