India’s Tata Group is considering a $1 billion capital infusion into its super app Tata Neu to improve its digital business, Bloomberg News reported on Thursday, citing people familiar with the matter.
Tata may provide the capital in 2024, the report said, adding talks are ongoing and details of the deal could change.
A super app combines multiple services onto one platform.
Tata did not immediately respond to Reuters’ request for comment.
Tata Neu was launched in April 2022 and offers products ranging from apparel to airline tickets, and aims to compete with a fast-growing market dominated by Amazon.com and Walmart’s Flipkart.
The salt-to-software conglomerate had injected $2 billion earlier this year to help the online platform strengthen its digital offerings, fix technical glitches, and meet any new spending needs.
Reuters