The innovative retail concept owned by Tata, which operates the online grocery platform BigBasket, has received a Rs 350 crore infusion from the holding company Supermarket Grocery Supplies.

The funding was raised through 3.5 crore shares at Rs 100 per share, according to a regulatory filing by business intelligence platform Tofler. Last month, BigBasket raised Rs 1,000 crore from its holding company.

Innovative Retail Concepts became a subsidiary of Supermarket Grocery following the acquisition of BigBasket by Tata Digital in 2021. Tata owns 4% of Supermarket Grocery Supplies, which owns BigBasket. In addition to its app and website, BigBasket now sells through the super app Tata Neu.

This comes at a time of increasing competition for a fast business. The industry has been one of the most talked-about as Zomato, Swiggy, and Zepto double down on their delivery services.

BigBasket also entered the space late last year with a courier service. In addition, the Bengaluru-based company is also moving into offline retail, with its first store set to open in 2021 and plans to open 200 such stores by fiscal 2023. BigBasket, now part of Tata super app Neu, has been the group’s mainline business gaining market share in this hot sector.

Tata Neu is now looking to customise its omnichannel business and plans to bring its data from various brands under the Tata Neu app to target omnichannel gaming customers better.