BigBasket

Last updated
BigBasket
Company type Subsidiary
Industry E-commerce
Online shopping
Q-commerce
FoundedOctober 2011;13 years ago (2011-10)
Founders
  • V. S. Sudhakar
  • Hari Menon
  • V. S. Ramesh
  • Vipul Parekh
  • Abhinay Choudhari [1]
Headquarters
Bangalore
,
India
Area served
India
Key people
Brands
  • Fresho
  • BB Royal
  • BB Popular
  • BB Home
  • GoodDiet [4]
  • HappyChef
  • Tasties [5]
Services Online grocer
RevenueIncrease2.svg₹10,100 crore (US$1.2 billion) (FY24) [6]
Decrease Positive.svg₹−1,415 crore (US$−160 million) (FY24) [6]
Parent Tata Digital
Divisions
Website bigbasket.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 the name Supermarket Grocery Supplies Pvt. Ltd. [10]

Contents

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]

According to CEO Vipul Parekh, over one-third of the company's revenue comes from its private label products. [18]

According to the Fairwork India 2024 report, Urban Company and BigBasket are the only two gig-economy companies with a minimum wage policy.[14]

Offline retail

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

See also

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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 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 "BigBasket Revenue crosses 10K Cr mark". Entrackr. Retrieved 6 September 2024.
  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 . Archived from the original on 17 July 2015. Retrieved 27 August 2023.
  13. ↑ Dutta Choudhury, Sonya (5 September 2015). "What's behind the basket?". Mint . Archived from the original on 27 September 2015. 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 "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.
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