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BigBasket B2C unit posts 6% growth in FY24 revenue, cuts losses by 17%

Economic TimesEconomic Times · 11m ago
BigBasket B2C unit posts 6% growth in FY24 revenue, cuts losses by 17%
Medial

Innovative Retail Concepts Pvt Ltd, the B2C unit of BigBasket, posted a 6% YoY growth in operating revenue for FY24, reaching Rs 7,885 crore. It reported a net loss of Rs 1,267 crore, down 17% YoY. The company faces competition from quick commerce players like Blinkit, Instamart, and Zepto in the online grocery delivery space. BigBasket is planning to shift its focus entirely to quick commerce. The company's total expenditure increased slightly, while advertisement income remained flat. Tata Group, which owns majority stake in BigBasket, halted fresh investments to reevaluate profitability strategies. BigBasket aims to raise $80-100 million for expansion plans, including the expansion of dark stores.

Bigbasket’s quick commerce order value in small cities matches metro average

LivemintLivemint · 11m ago
Bigbasket’s quick commerce order value in small cities matches metro average
Medial

Bigbasket, an online grocery delivery platform in India, is witnessing strong growth in the tier-2 markets. The average order values for Bigbasket's quick commerce service in these areas are similar to those in metro cities. The company has started pilot projects in smaller towns and is seeing good response as more customers shift to quick-commerce for instant purchases. While it is still early in tier-3 markets, Bigbasket is optimistic about its prospects. The company has been focusing on its quick commerce arm, BB Now, which is yet to become profitable, and plans to expand its stock keeping units (SKUs) and dark stores. Overall, Bigbasket's operating revenue increased in FY24, but the market remains competitive with players like Amazon, Flipkart, and Reliance Retail entering the quick commerce space.

Kiranas are here to stay despite growing quick commerce adoption: BigBasket’s Hari Menon

Economic TimesEconomic Times · 11m ago
Kiranas are here to stay despite growing quick commerce adoption: BigBasket’s Hari Menon
Medial

BigBasket CEO Hari Menon believes that traditional kirana stores will continue to thrive despite the rise of quick commerce platforms. He emphasized the convenience and credit offered by kiranas and predicted that they would become more efficient and start delivering to homes, even without using an app. Menon admitted that he had initially been skeptical about the quick commerce model, but acknowledged its growing popularity, particularly in the grocery sector. He also highlighted the importance of solid execution and supply chain efficiency rather than simply relying on capital investment. Menon shared that BigBasket was selling three to four iPhones per minute through their quick commerce platform.

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