Are you fed up of travelling miles and spending hours to purchase groceries, fruits and vegetables from retail markets? We bring you the solution to ward off your hassles by getting things done at your fingertips. So, presenting you Bigbasket – the company offering services to take care of your needs and convenience.
The story of how Bigbasket started is very interesting and is a story of absolute passion and belief in the cause. In 1999, a team of 5 professionals – Hari Menon, Abhinay Choudhari, V S Sudhakar, V S Ramesh and Vipul Parekh laid the foundation by launching Fabmart.com which was one of the first online businesses in India. In 2001, they expanded Fabmart by launching online groceries business. In spite of the Indian e-retail market being in its early stage of development, Fabmart.com did extremely well. They diversified themselves by setting up a physical retail chain with the name of Fabmall – a chain of grocery supermarkets in South India. Aditya Birla Group acquired this business in 2006 and renamed it as MORE. The founders however were always enamoured by online grocery and in 2011, the same team recoupled and launched Bigbasket.com
It is operating in 18 cities across India making it one of the largest online grocery companies. This Bengaluru-based online grocery start-up deals with more than 15,000 products ranging from fruits and vegetables, groceries, personal products and wide range of household products.
The company attributes its success to the 3 pillars. First- customer centricity approach. They are offering same-day delivery across a city, 99.3% timely delivery, 99.5% order fill rate and a no questions asked customer return policy, all of which has contributed to high customer loyalty and excellent customer feedback.
Second is wide range and variety of products. Their own brand is contributing 40% to the total sales of the company. Bigbasket has further innovated by offering products such as cut fruits and vegetables, a range of recipe mixes and have recently launched their own bakery in Bangalore that delivers bread baked to order.
Third is continuous technological innovation. Bigbasket is allowing customers to order groceries on the go with the help of android and iOS mobile apps. Features such as “Smart-basket” predicts what a customer needs more often and reduces the time-to-order to “within 5 minutes”.
The strength of Internet users in India is expected to reach half billion by 2020, and 1,044 billion households are expected to purchase food and grocery online. Currently, 144 million households buy more than Rs 5,000 worth of food and groceries per month. The overall online business is expected to reach $20 billion by 2020.
Bigbasket is facing huge competition from Grofers, PepperTap in this e-groceries segment. Ola and Paytm are also entering online grocery market with Ola Store and Zip respectively. Among the larger corporates, Godrej’s Nature Basket and Reliance Fresh are already in this e-grocery business. Other players in this segment include LocalBanya, Zopnow, Jiffstore and Jugnoo.
Bigbasket is aiming to achieve automation in warehouses, expanding its footprint to 35 cities with 60 dark stores. Bigbasket is expecting their valuation to reach close to $1 billion with next round of funding which will be a great boost for their expansion.
“Success is not Final, Failure is not Fatal; It is the courage to continue that counts”