BigBasket reports 60% sales growth in FY19, expects break even soon
Fast-moving consumer goods (FMCG) retailer BigBasket saw sales increase by 60% during the 2019 financial year and expects to break even in the coming four to six months as online shopping continues to grow.
BigBasket reported crossing Rs 3,200 crore ($481 million) in sales in the 2019 financial year, ET Bureau reported.
“We hope to clock Rs 5,300 crore in the current fiscal and already have 12 million customers,” BigBasket’s founder Hari Menon told ET Bureau.
“Operationally, we will break even in the next 4-6 months.”
The online FMCG and groceries retailer has expanded its delivery and logistics sector through a partnership with the Chinese e-commerce business Alibaba, which also helped to drive sales.
“We learnt a lot about how express delivery works from Alibaba,” said Menon.
“Earlier, we used to deliver independently- one was van delivery and the other was bike delivery. Now we have integrated the two to optimise delivery.”
BigBasket also began retailing cosmetics online in February, with its launch of The Beauty Store. The business aims to tap into India’s booming cosmetics market to aid growth, and now retails Indian and international makeup brands such as Faces Canada and Lakme.
Copyright © 2021 FashionNetwork.com All rights reserved.