Tata Sons is planning to raise $2-2.5 billion for its digital business, as it works on the launch of its super app.
Tata Sons chairman N Chandrasekaran had met global investors during his visit to the US in May, The Economic Times reported.
The conglomerate might initially raise funds from private equity firms, and then look for strategic investors after scaling up the business, the report said.
Moneycontrol could not independently verify the story.
The report comes around two weeks after Tata Digital said it will invest up to $75 million in CureFit Healthcare. CureFit founder Mukesh Bansal has been appointed as the President of Tata Digital.
Tata Sons did not comment when contacted by The Economic Times.
Bansal, BigBasket founder Hari Menon and Ankur Verma of Tata Sons recently joined the board of Tata’s digital health platform 1MG.
“The reason behind investing in Curefit was that Tata will get to bring on board Bansal as they push their fundraising efforts and make him the face to bring in technology investors,” a source told The Economic Times.
Tata Digital’s board will be reconstituted with Chandrasekaran as chairman after the fundraising takes place, officials said.
