Did you ever heard of Big Basket? India’s no 1 online grocery store. Do you know the success story of this company? How it became a billion dollar startup? Keep on reading this article to know the details –
Big Basket was founded in the year 1999, and it was amongst few of the e- commerce companies at that time which came in line to sell something online and was named as Fab Mart at that time.
In the year 2001, they added grocery to their inventory but online shopping was a very new concept at that time and people used to fear buying something online back then. So, they decided to work offline and they opened their retail stores by the name of Fab Mart.
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They tried their everything but kind of failed a big time and in the year 2006, Aditya Birla Group overtook Fab Mart.
It was the year 2011, when they decided to make a comeback with the same inventory model and immediately they got Funding.
Working Model Of Big Basket
This time they had all the plans and they targeted small vendors and fruit and vegetable sellers before anyone and they started doing tie-ups with them.
As they started growing with time, they took a big jump and switched to Inventory Model which means they started manufacturing their own products. They have a total of more than 15000 products in their list.
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In the financial year 2017-18 they generated revenue of a total of 1150 crores approx and they are working on a target of reaching up to 2000 crores approx by the end of 2020.
How They Work
They have a very clever strategy when it comes in attracting customers. They give different badges to their customers which goes on like silver, gold, platinum etc. According to their analysis 95 percent of theircustomers come back and they buy products from big basket only.
As you can see in the above picture, big basket’s existing investors are Ali baba, IFC, Abraaj, Growth Story, Ascent etc and their last round evaluation was about 840 million dollars.
Recently, Big Basket became first ever online grocery Startup to enter the Unicorn Club which means they have a total evaluation of a whooping amount of 1 Billion Dollars or more.
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So, If you have also plans of doing something like Big Basket then you can go ahead and do. The major points to keep in mind are strategy, target customers, target cities and also inventory model.
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