Big Basket is an online shopping platform where you can purchase groceries, food grains, and other packaged products that are used in various households. Big Basket has over 18000 products from 10000 brands and is now operating in 26 cities throughout India.
Entrackr is your one-stop destination to find the latest funding news about all different kinds of technological and global advancements. Find the most updated Big Basket news about its progress since its establishment. Big Basket is built on the foundation laid by Fabmart and Fabmall, two prior startups from the same group of founders. Established in 2011 by five middle-aged men: Hari Menon (Current CEO of Big Basket), Abhinay Choudhari, Vipul Parekh, V S Sudhakar, and V S Ramesh.
Funding for Big Basket
Big Basket has gained quite some popularity since its launch in October 2011. The company raised over 1$ billion in multiple series of funding from various investors like Bessemer Ventures, Zodius, Lion Rock Capital, Paytm, and Alibaba prominently. From a mere 5000 orders every day from three major cities to 20000 orders every day, The growth of the company is nothing but obvious. This funding has helped Big Basket achieve Unicorn status in India (Unicorn – Valued over 1$ billion)
Business Model
With the growth of the company, a complete transition in the company’s strategy to cater to the needs of its customers can be seen.
1. Just-in-Time Model – This business model was used in the few initial years after the establishment of the company. In such a model no stock is maintained by the company. Goods are sourced from local sellers and suppliers on the basis of orders from customers. Each order from a customer will lead to a purchase order from local sources which would then be delivered to the customer.
2. Inventory Model – With its expansion to more cities and Inventory model became a necessity. In this model warehouses and cold storage facilities are used to stock goods sourced from wholesalers and suppliers. Items are purchased directly from farmers and producers. Specific items are also sourced directly from the biggest producer in India
The Road Ahead
With the Covid-19 pandemic at hand, amidst lockdown and home isolation, Big Basket has seen rapid growth in its customers. With other competitors like Grofers and Dunzo providing tough competition, a unique business strategy and distinguished services are required by Big Basket to set itself on a greater path.
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