Employees sort out orders before sending them out at a BigBasket warehouse on the outskirts of Mumbai November 4, Investors picked up stakes in BigBasket through secondary share purchases as well, chief executive Hari Menon told Reuters on Friday, declining to give a breakdown other than to say Alibaba now owns the biggest slice. BigBasket, which sells everything from vegetables to shampoo, will use the funds to improve its technology, analytics, infrastructure and marketing, Menon said.
Ashish K Tiwari Updated: Nov 21, Hari Menon, co-founder and chief executive officer, BigBasket. Online purchase of food and grocery gaining good traction.
How's brand BigBasket fairing in the market? We have doubled revenues and are looking at significant growth this year as well. Last year we closed revenues at Rs 2, crore and are expecting to cross Rs 3, crore. For us, the growth going forward will be equally good as we Bigbasket com opening up some new channels of distribution.
We are yet to learn and see how things pan out from a unit economics perspective. The reason for doing all this is to acquire new customers and grow the subscription business that's currently at 10 million and we'll double this number as well next year.
With Flipkart and Amazon joining the play, is the overall market becoming more challenging? It's a little over a year for Amazon and less than a year for Flipkart. Their entry has only opened up the market a lot faster.
Consumers look at a complete basket to shop for and once you have managed to build that stickiness it will be very difficult for some one else to acquire the same set of customers and divert them to another online platform.
What will be the number like when it comes to the overall valuation of BigBasket? A lot of people use the exit run rate mechanism to arrive at the valuation number — basically last month's sale multiplied by If we take that approach then the exit run rate for BigBasket will be close to Rs 6, crore.
That's because we will do about revenues of Rs crore in the month of March We wanted to close September at Rs crore but missed it and achieved that number in October.
The numbers quoted earlier also don't factor in what we will probably get from Paytm. We recently got integrated and you'll see us live on Paytm as we're both from the Alibaba ecosystem.
So if I have to take into account all that's been planned, I think we should be doubling business for the next two — three years. I think acceptability from the customers is very crucial for the development of this business.
The difference huge when we compare BigBasket launch in with Fabmart in — both businesses were launched by the same set of founders. It was more noise than business then and people were scared to use credit card for transacting online as we were selling music, books and so on. There were dial-up lines and one could have a cup of coffee and come back by the time the page loaded on the desktop screen.
Customers got frustrated and by end of we quickly pivoted and launched the physical store format under Fabmall.Type the characters you see in the picture. SIGN UP Copyright © Supermarket Grocery Supplies Pvt Ltd. Discounts average $ off with a rutadeltambor.com promo code or coupon.
50 rutadeltambor.com coupons now on RetailMeNot. Bigbasket is India’s largest online food and grocery store with over 18, listed products and over brands. Bigbasket offers everything for your daily needs from fresh vegetables, fruits to packaged product and Meats.
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Bigbasket in talks for fresh funding; aims to raise $ million in next few months. In a chat with Moneycontrol, Bigbasket#39;s Co-Founder and CEO Hari Menon said he aims to raise funds from both existing as well as new investors Read more.