The Tata Group is in the final stages of acquiring a majority stake of 68 per cent in Supermarket Grocery Supplies, which runs and operates online grocery brand BigBasket, for about Rs 9,300-9,500 crore, said a source close to the development. The deal biggest in the online grocery space so far values BigBasket at Rs 13,500 crore. This comes about 20 months after the Hari Menon-led Bengaluru company had entered the unicorn club.

The deal, which is expected to close in the next four to five weeks, will give exit to investors Alibaba, Abraaj Group, and IFC. The parties are awaiting approval from the Competition Commission of India (CCI).

The top management, including co-founder and CEO Hari Menon, will continue to stay on board, said the source. The Tata Group and BigBasket refused to comment on the matter. The acquisition of BigBasket fits the Tata Group’s plans for serious online play. Tata Sons Chairman N Chandrasekaran has in the recent past talked about the group’s ambitions to have a super app.

“Our e-commerce play will be really big and we’ll not contend with a minor stake in any company,” a Tata Group spokesperson had last year said in response to a potential stake purchase in BigBasket.

“BigBasket has created a significant presence in the online space that has got certified further in the past 12 months. For Tatas to make a transition from a physical to a digital space, an inorganic route makes more sense,” said analyst and chief executive of Third Eyesight Devangshu Dutta.