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BigBasket records sales of over Rs 2,000 crore

BigBasket had previously raised funds from investors such as Sands Capital, International Finance Corp. and Dubai-based private equity investor Abraaj Capital.

, ET Bureau|
Nov 15, 2018, 11.22 PM IST
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Fast moving consumer goods companies have also been increasingly launching products exclusively for online platforms.
MUMBAI: BigBasket, India’s largest online grocer, said it crossed Rs 2,000 crore in sales and almost doubled the number of customers in the year ended March, indicating a growing preference for online grocery-shopping in the country.

“We hope to clock Rs 3,500 crore in the current fiscal and invested heavily on marketing, analytics and creating infrastructure to help maintain our focus on customer experience,” said Hari Menon, founder of the company, which raised $300 million from Alibaba earlier this year.

BigBasket had previously raised funds from investors such as Sands Capital, International Finance Corp. and Dubai-based private equity investor Abraaj Capital.

BigBasket has two operating entities. Supermarket Groceries sources products and sells them to Innovative Retail Concepts, which runs the consumer-facing portal and makes last-mile deliveries to comply with foreign direct investment norms in direct online retail. The company didn’t disclose its earnings but said it is profitable at an operating level in most regions.

“Every transaction we do, we make money. Most of our established markets such as Bengaluru and Hyderabad are profitable at an operational level and we hope to achieve break-even in the next 2-3 years at an entity level,” Menon said.

The seven-year-old e-grocer signed up Bollywood actor Shah Rukh Khan as its brand ambassador in 2015 and has seen sales doubling almost each year. The retailer now has almost 10 million customers.

Ecommerce’s contribution to total fast moving consumer goods sales is currently about 1.3% and is expected to reach 11% by 2030, according to market research firm Nielsen.

Fast moving consumer goods companies have also been increasingly launching products exclusively for online platforms.

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