The biggest and the most used e-tailer grocery in India, BigBasket, Founded in 2011, is about to close the current fiscal with a revenue of Rs 3,500 crore. This Indian FMCG ecommerce giant has shown that what the future of FMCG products in India is. According to the latest report, it has already crossed Rs 2000 crore of sales and is close to achieve its target of Rs 3,500 crore for this financial year.
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The number of customer base has also got doubled in this financial year. Earlier this year, BigBasket rose a funding of $ 300 million from Alibaba. BigBasket has previously got funding from many other investors such as Sands Capital, International Finance Corporation and Abraaj capital- a Dubai based private equity investor.
According to Hari Menon, Founder of BigBasket, it has invested a lot on marketing, analytics and creating an infrastructure to help focus on customer experience.
BigBasket has two working substances. Market Groceries sources items and pitches them to Innovative Retail Concepts, which runs the shopper confronting entryway and makes last-mile conveyances to consent to remote direct venture standards in direct online retail. The organization didn't reveal its income however said it is productive at a working dimension in many districts.
According to the statement given by Mr. Menon, the established market of Bengaluru and Hyderabad have already started making profits at an operational level and the company can achieve at a breakeven point in the coming 2-3 years. The company has a customer base of around 10 million.
The brand ambassador of BigBasket is Shahrukh Khan from 2015 and from then it has doubled its customer base every year. The ecommerce grocery section is just around 1.3 % of the FMCG market which is estimated to grow around 30% by 2030.
The company is also planning to raise a fresh fund of $ 200 Million. According to Mr. Menon, it is a little early to talk about the fresh funds but it will be done in the next 2-3 months. The new fund raiser will be focused on the faster growth of the new busineses.
BigBasket is also planning to launch its new sales channel to serve its target customers better. Now it is also getting a tough competition from the other FMCG giants but if BigBasket manages to provided great service to its customers then it must be the winner in this category.