BigBasket
TypeSubsidiary
IndustryE-commerce, Online shopping
FoundedOctober 2011 (2011-10)
Founders
  • V. S. Sudhakar
  • Hari Menon
  • V. S. Ramesh
  • Vipul Parekh
  • Abhinay Choudhari[1]
Headquarters
Bengaluru
,
India
Area served
India
Key people
Brands
  • Fresho
  • BB Royal
  • BB Popular
  • BB Home
  • GoodDiet[4]
  • HappyChef
  • Tasties[5]
ServicesOnline grocer
RevenueIncrease ₹9,695 crore (US$1.2 billion) (FY23)[6]
Negative increase ₹−1,750 crore (US$−220 million) (FY23)[6]
ParentTata Digital
Divisions
Websitebigbasket.com

BigBasket is an Indian online grocer headquartered in Bangalore, India, and currently owned by Tata Digital.[1] It was the first online grocer in India, set up in 2011. It is a registered company with name as the Supermarket Grocery Supplies Pvt. Ltd.[10]

As of January 2023, the company operates in more than 30 cities in India and processes around 15 million orders per month.[1]

According to Bloomberg News, BigBasket is considering an initial public offering by 2025 as part of its growth plans.[3][11]

History

BigBasket began as a tech startup company, founded in December 2011 by five entrepreneurs who had survived the dot-com crash of the early 2000s. The startup was initially funded by private equity investor Ascent Capital (Bangalore) with a capital injection of $10 million.[10]

In 2015, Bigbasket acquired the hyperlocal delivery company Delyver to build its last-mile delivery network.[12]

By mid-2016, Bigbasket was operating in eight large Indian cities and had grown to become India's biggest e-grocer.[10] The company's unique selling point was delivery of fresh produce, based on the purchase of fruit and vegetables from local marketplaces each morning, storage in refrigerated warehouses and a fleet of temperature-controlled trucks to deliver fresh to the door.[10][13]

China's Alibaba Group led a $300 million funding round in early 2018 to become the main shareholder in the company,[2] taking the online grocer's valuation up to $950 million.[10] By May 2019, BigBasket was operating across 25 Indian cities,[2] and became India's newest 'unicorn' (a startup valued at more than $1 billion) by raising $150 million in a new funding round led by Mirae Asset-Naver Asia Growth Fund, the CDC Group and Alibaba.[14]

In October 2020, BigBasket suffered a data breach exposing the data of more than 20 million users, which included email, IP and physical addresses, names, phones numbers, dates of birth and passwords.[15]

The company was valued at around $1.85 billion in May 2021. Demand for online grocery shopping increased considerably in the wake of the COVID-19 pandemic and by the start of 2022, BigBasket was processing over 7 million orders per month.[16]

Tata Group became the owner of BigBasket in May 2021, when its Tata Digital subsidiary acquired a 64% majority stake in the company.[17] In January 2023, BigBasket received a $200 million injection from investors, including majority shareholder Tata Digital, taking the company valuation up to $3.2 billion.[1][3]

Products

BigBasket offers tens of thousands of different products, including fruits and vegetables, meats, spices, toiletries, baby products and pet food.[2][16] According to CEO Vipul Parekh, over one-third of the company's revenue comes from its private label products.[18]

Offline retail

On 24 November 2021, BigBasket opened its first physical store, branded 'Fresho', primarily for the sale of fresh fruit and vegetables. Located in Bangalore, this was the first of many planned Fresho stores.[16][19]

See also

References

  1. 1 2 3 4 Bundhun, Rebecca (2 January 2023). "How India's largest online grocer aims to win the e-commerce race". The National. Archived from the original on 3 February 2023. Retrieved 3 February 2023.
  2. 1 2 3 4 Thomas, Chris (6 May 2019). "Bigbasket valued at over $1 billion in fresh funding round". reuters.com. Archived from the original on 4 February 2023. Retrieved 4 February 2023.
  3. 1 2 3 Kay, Chris (21 December 2022). "Tata's Bigbasket Eyes IPO by 2025 After $200 Million Funding". Bloomberg News. Archived from the original on 5 March 2023. Retrieved 3 February 2023.
  4. ↑ "Grocery Retail - Changing landscape" (PDF). Motilal Oswal. Archived (PDF) from the original on 7 June 2023. Retrieved 7 June 2023.
  5. ↑ "Big Basket to strengthen private brands: Hari Menon". The Times of India. 16 September 2016. Archived from the original on 7 June 2023. Retrieved 7 June 2023.
  6. 1 2 "Tata Digital's revenue jumped 13X in FY23; losses widened at a slower pace". Moneycontrol. 9 August 2023. Archived from the original on 11 August 2023. Retrieved 9 August 2023.
  7. ↑ Vardhan, Jai (25 October 2018). "BigBasket enters microdelivery space: Will it outlast Milkbasket and DailyNinja?". Entrackr. Archived from the original on 9 March 2023. Retrieved 9 March 2023.
  8. ↑ "BigBasket to invest $100 mn to set up vending machines, distribution points". Business Standard. Press Trust of India. 28 April 2019. Archived from the original on 9 March 2023. Retrieved 9 March 2023.
  9. ↑ Mishra, Digbijay (25 November 2021). "BigBasket jumps into buzzy quick delivery segment; will bring all grocery services in one app". The Economic Times. Archived from the original on 9 March 2023. Retrieved 9 March 2023.
  10. 1 2 3 4 5 Rai, Saritha (19 March 2018). "How Dotcom Survivors Built a $950 Million Startup in India". Bloomberg News. Archived from the original on 20 March 2018.
  11. ↑ Gautam, Vanya (22 December 2022). "Tata Group Backed BigBasket Eyes IPO By 2025 After $200 Million Funding Takes Its Valuation To $3.2 Billion". The Times of India. Archived from the original on 5 March 2023. Retrieved 5 March 2023.
  12. ↑ Chakraborty, Sayan (13 June 2015). "BigBasket acquires Delyver in cash-stock deal". mint. Retrieved 27 August 2023.
  13. ↑ Dutta Choudhury, Sonya (5 September 2015). "What's behind the basket?". mint. Retrieved 27 August 2023.
  14. ↑ Singh, Manish (6 May 2019). "Grocery startup BigBasket becomes India's newest unicorn with new $150M investment". TechCrunch. Archived from the original on 18 February 2023. Retrieved 18 February 2023.
  15. ↑ "Bigbasket faces potential data breach; details of 2 crore users put on sale on dark web". The Indian Express. 2020-11-08. Archived from the original on 2023-06-27. Retrieved 2023-06-27.
  16. 1 2 3 "BigBasket establishes presence in 18 tier-2 and 3 cities across India". Business Standard. 2 February 2022. Archived from the original on 4 February 2022. Retrieved 8 February 2023.
  17. ↑ "Tata Digital buys 64% stake in BigBasket". The Economic Times. 28 May 2021. Archived from the original on 10 June 2021.
  18. ↑ Soni, Yatti (2 January 2023). "BigBasket eyes expansion into 450 towns by end March". The Hindu Businessline. Archived from the original on 9 March 2023. Retrieved 9 March 2023.
  19. ↑ Phadnis, Shilpa (25 November 2021). "BigBasket opens 1st physical store, targets 800 in 5 years". The Times of India. Archived from the original on 25 September 2022. Retrieved 8 February 2023.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.