Startup Story of Big Basket – Big Basket has managed to gain a lot of popularity in a very less time in the country. It is one of a kind startup in India. Big basket is not a one person venture but it was founded by 5 people. V.S.
Startup Story of Big Basket – Sudhakar, Hari Menon, V.S. Ramesh, Vipul Parekh and Abhinay Choudhari are the owners of the startup who founded this platform in 2011. The owners are the skilled professionals in their field with proper experience of years.
This is not the only startup started by these people. Before starting the Big Basket, they have also launched fabmart.com. This was a platform for selling books, groceries, and toys.
They started this platform in 1999. They had to sell Fabmart to a grocery chain in 2006 then. Big Basket today is the biggest online grocery store of the country. The current CEO of the start-up is Mr Hari Menon.
Startup Story of Big Basket
He has also worked as the CEO of IndiaSkills, Co-founder of Fabmall, Country Head at Planetasia and Business Head at Wipro. Each of the startup owners of the company have a different scenario for the company growth.
Big Basket was launched in 2011 where they thought they would launch the biggest online grocery market in the country. The company raised around $10 million in the first round of funding from Ascent Capital.
The company was growing at a very decent pace and it was in 2014 when the company had grown massively in 3 different cities and they were conforming 5000 orders every day.
In March 2016, the company raised $150 million from Abraaj Capital in Series D funding. In the same year, the company also crossed targeted 10 million customers orders and also received 1million orders in a single month.
By June 2017, the company raised around $290 million in total from 8 rounds of funding and 11 investors. In the Series E funding, they managed to raise $280 million. Paytm and Alibaba became the lucrative investors in the startup too.
With all these investments, the startup decided to move forward and make a space in other cities of the country too. They started building warehouses and the cold storage to keep the products fresh.
Startup Story of Big Basket
They deal in a lot of perishable products so this becomes really important for a company like them. With all these rounds of funding, they also started to work on creating better technology for their company so that it becomes easy for their users to use the app.
They have an application and a browser page both for their customers to order from. Grofers and Local Banya are the two strong competitors of the brand. How they become different from these brands is by adding a personal shopping touch to their startup.
They keep doing different kinds of research and because of this, they are able to find different needs of the consumers in different cities. Concentrating on these, they started working and differentiating their brands from their competitors.