BigBasket one of the leading name in the online grocery marketplace has reported a multifold increase in its turnover, which has reached to Rs 1,176 Crore in this financial year 2017 which was rested at Rs 563 Crore in last fiscal. This information was provided by Ministry of Corporate Affairs Tofler, a data tracking platform.
The grocery marketplace operates based on the two different registered entities. The B2B entity that is responsible for the product procurement and sourcing is named as Supermarket Grocery Supplies, while Innovative Retail operates the whole online portal and operations. And this is the prime reason why the revenues of Innovative Retail are mostly in line with other entities. There has been a multifold increase in the revenues of Innovative Retail which was increased Rs 1,090 Crore in fiscal 2017 from Rs 527 Crore in fiscal 2016.The retail giant BigBasket didn’t comment on the queries.
BigBasket has recently raised a funding of $300 Million which was led by CEO Hari Menon and Chinese e-commerce giant Alibaba. This funding is expected to use for expansion.
At present, the company’s monthly gross merchandise value run rate has reached to Rs 200 Crore, and we project it to progress up to Rs 300 Crore by August.
In the previous month, it was also reported that BigBasket will also be merged with Paytm Mall which is backed by Alibaba to encourage the additional growth of in grocery segment.
The online grocery market is presently acquired by two leading companies; first comes BigBasket and other one is Grofers, after its appreciable comeback. Grofers freshly got fresh funding of Rs 400 Crore led by Softbank.
The penetration of online grocery in India is significant, which can be calculated approximately 1% but the growth rate has touched the mark of 55–60%. These lucrative figures have also lured the other retail giants such as Amazon and Flipkart and to make their existence in grocery segment.