BigBasket crosses annualised gross sale run-rate of $1 billion for first time in May
Jun 26, 2020
Multi-brand fast moving consumer goods and groceries retailer BigBasket reported crossing an annualised gross sale run-rate of $1 billion (Rs 6,652.75 crore) for first time in May after business boomed during lockdown.
“We grew 35% on a month-on-month basis in April, and then the next two months we grew roughly about 18% and 20%,” BigBasket’s co-founder and CEO Hari Menon told the Times of India. “It [the demand] is holding really well. Including BB Daily, we are clocking 3.5 lakh orders, which was around 2.2 lakh orders a day [prior to the pandemic].”
The business reported Rs 650 crore in sales after discounts in May and sales are remaining strong in June, Menon said, confident that the growth will continue. “The whole thing got advanced by 12 to 15 months,” said Menon. “Operational profitability is a few months away.”
BigBasket was operating at limited capacity during the earlier stages of lockdown due to government regulations but still reported high sales growth. The business saw its groceries category prove especially popular. Operations are now mostly back to normal with lingering delays in Chennai due to movement restrictions in the metro, according to BigBasket’s Facebook.
BigBasket is backed by Alibaba and plans to raise funds a new investment round with new and existing investors.
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