BigBasket aims to double revenue to Rs 6300 crore in FY20
today May 16, 2019
BigBasket is looking to double its revenue to Rs 6,300 crore ($896.6 million) for the financial year 2020 on the back of its pan-Indian expansion coupled with strong performances of its private labels.
The company recently strengthened its presence in India by starting services in Kochi to take its presence to 26 cities in India. It will also be strengthening its new categories like beauty and personal care during the year.
BigBasket has been making heavy investments to scale up its operations to take on e-commerce biggies like Flipkart, Amazon, Grofers, among others. The company plans to invest around $100 million to build up its technology, infrastructure, and supply chain.
"We hope to reach Rs 6300 crore turnover this year from Rs 3200 crore in FY19. The company has ventured into new areas of business milk supply, beauty products and installation of unmanned vending machine at apartment complexes. At present, we have 200 vending machines. We plan to increase it to 6000 by the end of the year," BigBasket CEO and co-founder Hari Menon was quoted as saying by the Economic Times.
BigBasket currently sells over 22,000 products from 300 plus brands. It has 12 million registered customers across India.
BigBasket’s parent company, Supermarket Grocery Supplies, recently closed a $150 million funding round which was led by Mirae Asset-Naver Asia Growth Fund, Alibaba, and UK government-owned CDC Group.
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