BigBasket marks to achieve revenue of Rs 6300 crore in the forthcoming year 2020

BigBasket marks to achieve revenue of Rs 6300 crore in the forthcoming year 2020

The company has stepped into business areas, involving milk supply, cosmetics and launching automatic vending machines at apartments.

BigBasket, an online grocery major, is working towards doubling its turnover in 2020, cashing in on the prospering business of online grocery.

Hari Menon(BigBasket CEO and co-founder) says they are hoping to reach Rs 6300 crore turnover this year, from Rs 3200 crore in 2019, at the launch of operations in Kochi. The company will now be present in 26 cities in the country with this launch.

According to Hari Menon, out of the country’s total e-commerce grocery business of $1.2 billion, BigBasket’s share is roughly 50% at $50 million. He said that by the year 2020, the total online grocery business is expected to reach $2.50 billion, and they hope to reach $1billion by then.

The company has stepped into business areas, involving milk supply, cosmetics and launching automatic vending machines at apartments. Currently, they have 200 vending machines, and they plan to increase it to 6000 by the end of the year. Along with some of the investors, BigBasket has even entered into organic produce segment.

Hari Menon says that he is hoping to make BigBasket the favoured company for blue-collar workers, customers and farmers. BigBasket currently sells more than 22,000 products and 3000 brands and is expecting to increase its turnover from private labels from the current 34% to 40%. Through 37 collection centres, BigBasket currently buys from over 8000 farmers directly.

Supermarket Grocery Supplies Pvt. Ltd, the owner of the BigBasket, received a $150 million fundraising which was led by Mirae-Asset-Naver Asia Growth Fund, CDC group and Alibaba group. BigBasket became the latest entrant to India’s unicorn club with the funding.

 

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