Big basket makes things more convenient for the customer at affordable rates. This online app. gives you all grocery in at your doorstep.
Only you have to select items in your cart according to your need and pay with your card. You will get fresh fruits, vegetables, and groceries on your doorstep without making any line in the shop.
Many online grocery stores to are giving the same services, like Farm2Kitchen, ZopNow, etc. But only a few online stores make their place in the market.
Big Basket is one of them which become India’s largest supermarket within the year. Which gets 100,000 receivers per day.
Indian online grocery-getting more popular day by day, and it is said that up to 2013, the market reaches up to $10.5 billion.
Big Basket was founded in 2011, by dot-com bust survivors V.S. Sudhakar, Hari Menon, V.S Ramesh, Vipul Parekh, and Abhinay Choudhari.
Now, if we talk about the latest deal, Tata Group becomes the owner of Big Basket By taking a majority stake of 64% in the company. Now the company value boosts up by $1.85 billion in May 2021.
Little details about Big Basket
The Big Basket Headquater in Bangalore, which is founded in 2011 with a revenue of Rs. 512.5K(FY20), and the valuation is about $1.85 Billion. The parent organization is Tata Digital Limited. You can visit its website: www.bigbasket.com
Founder of Bigbasket
The founders are never ordinary people. The mind between Bigbasket is not a young mind but its extraordinary and experienced minds. The five founders of BigBasket have enough experience and are skilled in this field.
Mr. Hari Menon, the current CEO of Big Basket, also served as the CEO of India skills, co-founder of Fabmall, not only this, he is a Head at Planetasia and Business Head at Wipro.
And the most important thing is that he has completed his engineering from India’s best college and top institute-BITS Pillani and at that time he didn’t know that he will start anything on his own.
The other four founders and members of Big basket are V S Sudhakar, Mr. Vipul Parekh, Mr. Abhinay Choudhari and Mr. V S R Ramesh are too experience in the field.
History of Big Basket
The history tells the experience of five founders. Their first online business is Fabmart.com in 1999. And they start the online grocery division of this business was launched in 2001, and the company grew exceptionally.
Later these five super mind founders start supermarkets called Fabmall in Southern India. It was taken by Aditya Birla Group in 2006. But The founder is not stopped here, they still wanted to establish something bigger than Fabmall, so they started Bigbasket.
The Journey Towards Success
The company moves towards success speedily, and the company raised fund around $10 million starting by 2014, it also started its work in three major cities massively, and getting 5000 orders by customers daily. Such a high growth the company was getting.
The company increases its growth and in March 2016. The company raised $150 million from Arbaz Capital in series D funding.
In the same year, the company has crossed its target of 10 million customers orders, and this was a u-turn for the company.
Now, every month customers and orders are increasing like anything. In June 2017, the company raised an unbelievable $290 million in total 8 rounds of funding and 11 investors.
The main 2 investors that added to the company are Paytm and Alibaba, and by attaching them company raised $280 million in the Series E funding.
The main companies that are attached to Big Basket are Bessemer Ventures, Helion, Zodius, LionRock Capital, and Meena Ganesh.
Bigbasket now wants to expand their business with more confidence, and now the company wants to expand their business in more cities of India and want to target more customers.
The company opens its Warehouse and its cold storage room so that they can dump their product over there, and can deliver the product more easily.
The company also admitted that they have big competition with companies like Grofers and LocalBanya. Bigbasket now started focusing on personalized shopping.
The Company also Ropes in Sharukh Khan as a brand ambassador and also launches Express delivery offering to deliver products at your doorstep in just 60 minutes.
the company gets lots of popularity and spreading its work in different cities, but they noticed that every city has different requirements of products.
So, the company increases the number of brands of the product. For example, in some cities, if there is a demand for more milk products or milk, a company will approach to the related brand who produce or supply milk or milk product. This strategy helps a lot to the company.
The Future is bright for the company because nowadays no one has much time to buy things in a queue and wants a comfortable buying with less interaction with the public.
So, the company wants to give its customers hassle-free browsing. Where they can buy things of their needs easily with fewer efforts and also less than market price. Now Bigbasket is selling more than 12,000 varieties of the product of 1,000 different brands in 25 cities.
According to some experts, the company raised its value by over $1.2 trillion by 2020.
Big Basket Revenue Model/Business Model
Bigbasket wants to give the product at a lower price with higher-margin, as 35% of revenue comes from the private labels.
The company wants to fill the gap of margin with other products like organic food, high-end consumer product, to name a few, not only this company also provides things at a lower price for staples, fruit, and vegetables.
They also provide a thing that other companies are not providing like, idli/dosa batter in their online platform.
They also started B2B side, they started serving Kirana Store, huge corporate, and HoReCa (hotels, restaurants, cafés). They want to reach the cover market by providing all facilities, that customers will not go anywhere except Big Basket.
What does the company do for storage?
Bigbasket buys the products from main leading suppliers like P&G, HUL, mills, farmers, etc. They store the products in their warehouses and from there they supply to the customer according to their order.
The company has also established its warehouses and godowns in few cities to make work easier.
The company also tied up around 2000 grocery stores to deliver the grocery in time. This is the best agreement that the company has done and this increases the customer’s popularity for Bigbasket.
How Big basket takes the start-up challenges?
The main challenge for BigBasket is to take the trust of the customer. In starting users didn’t have faith in a product.
In starting customer also wants to compare the quality and price, despite all the other factors in the market like competitors, as the people have the habit to buy from local vendors for fresh vegetables.
But the Bigbasket work was very much appreciated by the customers by the quality and timing too. Soon the company gains the trust of the customers.
Which is Bigbasket origin country?
Big basket is an Indian Company.
Is Bigbasket is a Chinese company?
Bigbasket is an Indian company but it has few investors that are from china like Alibaba Group and TR Capital. But BigBasket has so far received greater than $250 million from Chinese companies. The Bigbasket also received big funding from Alibaba.
Who is the owner/founder of Bigbasket?
The five intelligent and experienced people were the founder of Bigbasket named-V.S. Sukhdar, Hari Menun, VS Ramesh, Vipul Parekh and Abninay Chaudhary.
Does Bigbasket have an online store?
No, this is an online service that can be done by the website or from a mobile application.
What is Bigbasket Wallet?
The BigBasket wallet is an account that you can make in its online line portal. Whenever you want to buy your needs. You can use that saved money from your account.
Are the vegetables and fruits being fresh in Bigbasket?
Yes, the food is of good quality and vegetables and fruits are fresh. You can order easily in with reasonable rate, as a company store it products in warehouses.
|Business Tools Recommended by SugerMint
Free Email Marketing Tool
Fast and 100% free