The Indian startup ecosystem is well known for its versatility, thereby home to some of the best companies in the world across industries. Starting from OLA, which ruled the transportation sector, Zomato which ensures that you don’t work with an empty tummy, to OYO, which provides affordable hotels for tourists and travelers, there’s no dearth of market leaders. One such unique venture is BigBasket. This startup provides home delivery services for grocery items and is a major name in the circuit.
The grocery retail market in India is growing at around 20% CAGR. E-grocery accounts for only 0.1% of this share. As per statistical data, the online grocery market is expected to be around $10 billion in the coming time. Thus, bigbasket.com has its hands in a pie with a bright future. Abhinay Choudhari was able to build an empire through bigbasket.com; let’s find out how.
The dot com bubble burst was a deciding factor behind the fortune of many big organizations that are wildly influential today. But, it was far from a smooth journey for these companies. The founders of the big basket, including Abhinay Choudhari, had a similar experience. They decided to use the lessons learned from the dot com bust and create a website that could firmly face obstacles of any kind. The five founders of BigBasket initially created a website named Fabmart.com in 1999. This was supposedly India’s first e-commerce store. However, the team realized that not only India but even the rest of the world wasn’t ready for this kind of online store.
Within a short period, Fabmart merged with a brick-and-mortar chain and by 2006, the founders of Fabmart sold the company. The turning point for the FabMart founders came in 2011. They wanted to try their hand at something new, an out-of-the-box offering. The result was bigbasket.com.
Bigbasket is one of the leading online grocers in India today. The company offers same-day delivery across cities with 99.3% on-time delivery, 99.5% order fill rate, and no questions asked on customer return policy. These parameters have highly contributed to BigBasket’s success. BigBasket has also implemented new options like fresh-cut fruits and vegetables and a range of recipe mixtures. A bakery has been launched in Bangalore that delivers bread on order. The company has both iOS and Android apps to allow customers to order groceries any time, any place. There are unique features like “Smart Basket”, a prediction engine about what a customer needs more often.
Bigbasket's—Path To Success
Abhinay received a first-round investment of nearly 10 million USD from Ascent Capital. This funding was used to expand BigBasket’s reach in the market. For many startups in India, the biggest issue is sustaining their business model in this country of diversity and differences. After researching for over nearly 5 years, Abhinay and his team realized the best way to make their presence felt was by providing personalized service to people across Indian cities.
BigBasket has taken into consideration the eating habits in different Indian locations; this is a major reason behind people being loyal to BigBasket. The company increased the availability of leafy greens in Mumbai and the supply of a special kind of rice in Bangalore. BigBasket ensures no compromise on the quality of its products. To improve customer experience, the BigBasket team ensured near-time-perfect delivery services for their customers.
While the company has grown into one of the biggest Indian brands, BigBasket still faces intense competition from local startups like LocalBanya, PepperTap, and Grofers. The company was facing heat from many rivals and hence, it was time for Abhinay to gather his team and plan new strategies for BigBasket. The aim was to race ahead of everyone. BigBasket grew its presence in 25 cities with a combination of 150 million customers and considering the expansion, Abhinay decided it was time to bring in a partner. The team aligned with Alibaba which boosted the company’s image over the next two years.
Who are the founders of BigBasket?
- Hari Menon
- Vipul Parekh
- VS Sudhakar
- Abhinay Choudhari
- VS Ramesh
Who is Abhinay Choudhari?
Abhinay Choudhari is the co-founder of the BigBasket. He is an alumnus of IIM-Ahmedabad. He has worked with leading IT companies on consulting engagements with key retail majors like Tesco and LEGO.
Who is the CEO of BigBasket?
VS Sudhakar and Hari Menon (2011–Present)
Is BigBasket making profit?
BigBasket loss widens 6.7% to INR 611 crore, revenue up 36% in FY20. Supermarket Grocery Supplies, which operates online grocery store BigBasket, reported a consolidated net loss of INR 611 crore in FY20, a 6.7 percent rise as compared to the previous financial year at INR 572 crore.
Is BigBasket successful?
Today, BigBasket is India's largest online grocer that receives over 100,000 orders per day. Online grocery shopping is fast gaining popularity among Indians. According to a Redseer report, India's online grocery retail market is all set to touch $10.5 billion by 2023.
Abhinay is an inspiration for many. In an age were rising from the lowest rung of the ladder is more than just a challenge, he and his team established a company after the dot com bubble burst. BigBasket has grown at such a rate that celebrities like Shahrukh Khan endorse the brand. Under Abinay’s leadership, bigbasket.com plans to not only retain its position as the largest online grocery store in India but also become a major player across the globe.