2 March, 2016, Bangalore: BigBasket is winding up to launch its marketplace business. With this move, company will be adding a service of delivering orders placed with hyperlocal speciality stores such as bakeries and meat shops in less than an hour.
Speaking about the new development, Hari Menon, CEO, BigBasket said, “No matter how much you shop online, 5 per cent of your grocery is bought from speciality stores within the locality that you trust and love. For example, a cake from a favourite bakery. With this move, we plan to cover the whole grocery basket.” The service will enable the company to offer wide range of products to its customers from their neighbourhood.
As per the company’s plan, it will handle the logistics only for those stores which fall in the periphery of 6 km. With around 400 stores, company will be launching its first service in Bangalore and after that it will expand to other cities.
BigBasket’s average order size is Rs 1,500 and it expects a gross merchandise value of $300 million (Rs 2,000 crore) for the financial year ending March, reports ET. Founded by Hari Menon, VS Sudhakar, Vipul Parekh, VS Ramesh and Abhinay Choudhari, the company has managed to get investment from some of the big investors such as Sands Capital, IFC, Helion Venture Partners, Ascent Capital, Zodius Capital and Bessemer Ventures.