12 July 2016, India :
BigBasket is planning to invest upto Rs 90crores to expand their farmer network. It will bolster the supply to compete with Walmart and Amazon into India’s online grocery market.
BigBasket is India’s largest online food and grocery store. With over 18,000 products and over a 1000 brands available.
“Forging tie-ups with (fast-moving consumer goods) companies may be an easier task but repeat and loyal customers are won by keeping the quality and stock of fresh products including fruits and vegetables consistent,” Menon said, adding he expects the Bengaluru-based company to record sales of Rs 2,000 crore for 2016-17. That would be a nearly three-fold increase over its 2015-16 revenue.
Bigbasket has already invested nearly Rs. 80 crore in building the supply chain for the initiative
Recently Dubai-based private equity player Abraaj Group made a significant funding of $150 million (Rs 1000 Crore). It was utilized to penetrate existing markets and expand in Tier II cities. It also scaled up the express delivery and speciality store business that caters to top-up and emergency purchases.