Trending online business & Fortune that is making by the company is very outstanding. Online platform has provided us the keen way to introduce our own business idea in the practical form. There are many no of different business setup are working on its projects & Some of them are doing very well , even they are now millionaires or Billionaires.
Food is the very basic need of the world which is unavoidable at any cost. So the business respected to the food category is automatically a great step to go ahead. There are A lot of products which are in working position in E market. Some of them are named famous as Big basket, Grofers, Pepper tap, Bucketcart etc.
There is a huge opportunity for Big Basket like businesses to grow up. According to a study conducted by the advisory firm Techno park, the current food and grocery industry in India is worth of $383 billion, and is expected to reach $1 trillion by 2020. This is why because nowadays people are more online and in mobile. And they want to get done as much as works possible through mobile phone.
Big Basket is India’s largest online food and grocery store, with over 18,000 products and 1000 brands. Right from fresh fruits and vegetables, meats, and spices to beverages, and personal care products, Big Basket sells everything that kitchen asks to prepare yummy and healthy food.
With more than 14000 products and over 1000 brands listed on their catalogue – Big Basket is known to be India’s largest online food and grocery store. It offers a wide range of options in every category to provide you with the best quality products at the lowest prices which include, fresh Rice and Dal, Fruits and Vegetables, Spices and Seasonings, Packaged products, Beverages, Personal care products, Meats, and Everything.
Big Basket was founded in 2011, since then it has grown as India’s one of the most promising e-commerce ventures. The grocery retail market in India is seen to be growing at about 10% CAGR (Compound Annual Growth Rate) and is about $350 Bn in size. Whereas, the online end of this grocery market is expected to be about $10 Bn in the next 4 years. A large portion of business of this market is likely to be availed from the urban cities.
Founder – “Hari Menon”
Hari Menon is the Cofounder, CEO and Head of Merchandising at Bigbasket.com. Hari had begun his career with ‘Wipro’ as a Business Head in the Infotech business. , Hari had also served as the Country Head at ‘Planetasia’ , which was one of the first Internet services businesses in India. Prior to starting Big Basket, Hari along with the founding team of Big Basket had cofounded Fabmart, one of the pioneers in the e-commerce in India and its physical extension, Fabmall.
What is Big Basket ?
As of now, BigBasket is a purely internet based company and does not have any brick and mortar stores. All the fresh fruits and vegetables are hand-picked, hand-cleaned and hand-packed in reusable plastic trays covered with cling. With over 18,000 products and 1000 brands in our grocery list you will find everything you are looking for.
Choose from a wide range of options in every category, exclusively handpicked to help you find the best quality available at the lowest prices. Select a time slot for delivery and your order will be delivered right to your doorstep, anywhere in Bangalore, Hyderabad, Mumbai, Pune, Chennai, Delhi, Noida, Mysore, Coimbatore, Vijayawada-Guntur, Kolkata, Ahmedabad-Gandhinagar, Lucknow-Kanpur, Gurgaon, Vadodara, Visakhapatnam, Surat, Nagpur, Patna, Indore and Chandigarh.
You can Discover new products and shop for all your food and grocery needs from the comfort of your home or office.Food shopping online is now easy as every product on your monthly shopping list, is now available online at bigbasket.com, India’s best online grocery store.
Save time and money, shop at bigbasket.com – the best online fruit & vegetable store, meat store, provisions store – an all-encompassing online groceries store of India.
In this established Tough tight Competition, this is very important to have a sensible & practical business strategy to make your business step ahead between in that race of Success. They made Some of Success Points For the Business Model like,
Unmatchable Customer Service
When BigBasket started their operations, it adopted the ‘just-in-time model’ – wherein not only perishable good but every item was brought against an order. In other words, they were purchased-to-order. In this model, the delivery boy directly picks up the item from the vendor, and directly delivers it to the customer.
Variety in products
There are a lot of products which is adopted by the Big Basket. Big Basket buys products directly from suppliers like – HUL, P&G, farmers, mills, etc. and then stocks these in warehouses. Big Basket then adds a margin to the purchased price of the product before selling them. But Big Basket also sources many of its products locally as well as nationally.
Some items like onions, oranges, apples, etc. are purchased nationally from their major producing locations; while, many other items are sourced locally from ‘mandis’ or local farmers. This depends on the product and its surrounding factors.
Consistency in Growth
Big Basket has been seen adopting a Hyperlocal strategy, wherein, it has partnered with more than 1,800 Neighborhood grocery stores across India to deliver goods in under an hour.
Business Capital Of Big Basket
Fundraising is a make-or-break for your venture. Raising money, a little too late or too early, may change your venture’s destiny. The right amount of capital from the right investors is crucial for your venture success. However, many product-driven entrepreneurs dread fundraising and the process. But entrepreneurship is about mastering and controlling many aspects you may or may not enjoy doing. Hari shared candid nuggets of wisdom from his own journey, which I think can also benefit the larger community.
Starting From Fabmall, they also received their first funding of $10 Mn from ChrysCapital co-founder Raj Kondur and Ascent Capital. He had earlier invested $4 Mn in Fabmart as well. The biggest challenge for them was to create and maintain a building capacity to meet customer demand.
In FY 2013, BigBasket was closing 2,000-2,500 orders a day, or 75,000-80,000 orders a month, with an average monthly ticket size of ₹1500/per order. They were now a 600-strong team across three cities, and were drawing roughly ₹20 crores from Bangalore itself.
In 2014, They have also acquired a Hyperlocal delivery start-up called – ‘Delyver’, to further strengthen its delivery service. Although, the company still functions as an independent entity, but the cofounders of Delyver have also been included in the management team of Big Basket.
Big Basket has received a total equity funding of ‘$85.8 Million in 3 Rounds from 5 Investors. These investors include – Ascent Capital Group, Bessemer Venture Partners, Helion Venture Partners, ICICI Venture and Zodius Capital.
Net Capital value of Big Basket $565,692 US Dollars. Bigbasket.com is popular in the India and 94.6 % of users comes from this Geolocation.
“Big Basket currently offer our services in Bangalore, Hyderabad, Mumbai, Pune, Chennai, Delhi, Noida, Mysore, Coimbatore, Vijayawada-Guntur, Kolkata, Ahmedabad-Gandhinagar, Lucknow-Kanpur, Gurgaon, Vadodara, Visakhapatnam, Surat, Nagpur, Patna, Indore and Chandigarh Tricity city limits.”