Table of Contents
BigBasket-success-story- Bio, facts, Net worth, Business, Income, Growth, Investments, Challenges Faced. Personal life.
Indians are becoming more and more accustomed to buying groceries online. India's online food retail business is expected to reach $10.5 billion by 2023, according to a Redseer analysis. BigBasket is one company that commands a sizable portion of this rapidly expanding market.
Supermarket Grocery Supplies Pvt. Ltd., doing business as BigBasket, was founded in 2011 by the dot-com bubble survivors V.S. Sudhakar, Hari Menon, V.S. Ramesh, Vipul Parekh, and Abhinay Choudhari. It quickly gained notoriety.
With its headquarters located in Bengaluru, BigBasket is presently regarded as one of the biggest online grocery stores in India. It provides a wide range of products from more than 1,000 brands, satisfying the needs of over 6 million happy consumers. Tata Group acquired a 64% majority stake in BigBasket in May 2021, making it the company's owner. With the acquisition of the majority share in BigBasket, Tata Sons has directly challenged Amazon, Walmart, Flipkart, and Reliance Industries in the e-commerce space. Tata Sons' subsidiary Tata Digital Limited purchased the interest.
BigBasket - Overview
Delivering daily kitchen necessities like ghee (clarified butter), sliced coconut, aromatic basmati rice, and more—a total of over 40,000 items—BigBasket also offers a variety of additional household products for clients to choose from, such as bread and laundry detergents. All of them are delivered to their doorsteps by the company. The company's goal is to make it simple to buy groceries online to avoid traffic and the tedious nature of going to the store.
The corporation has also started three new businesses, bb Daily, bb Instant, and bbnow, to investigate new potential.
A subscription-based business called bb Daily lets users purchase fresh goods and milk. Customers using this platform must submit their orders before 10 PM for the goods to be delivered the following day between 5 and 7 AM.
BigBasket's automated vending machine, known as bb Instant, is mostly found in tech parks, corporate offices, and residential complexes in Tier I cities.
With BigBasket's bbnow fast grocery delivery service, you can order everyday basics like fruits and vegetables, culinary supplies, and household goods, and they'll be delivered to your door in 15 to 30 minutes.
In addition, BigBasket introduced Fresho shops, the first of which is presently operating as an offline retail location in Bangalore's Basaveshwar Nagar. These BigBasket stores are self-service, tech-driven establishments for patrons.
In 2011, V.S. Sudhakar, Abhinay Choudhari, Vipul Parekh, Hari Menon, and V.S. Ramesh established BigBasket. Before BigBasket, in 1999, the creators established Fabmart.com, an online store selling food, toys, and books. In 2006, Fabmart was acquired by a supermarket company.
V S Sudhakar, a co-founder of BigBasket, served as Planetasia's CEO. He has a wealth of experience in the IT industry.
Hari Menon, the CEO of BigBasket, has an extensive background in a variety of sectors. Menon held the position of CEO of Indiaskills, the Manipal Group's Vocational Education joint venture with City & Guilds, UK, before joining Big Basket. Hari Menon, a BITS Pilani alumni, held the position of Country Head of Planetasia, one of the pioneer companies in India to provide Internet services. Hari also occupied senior roles at IT-focused companies like Wipro Infotech.
At BigBasket, V.S. Ramesh leads the logistics and supply chain division. V.S. Ramesh is a graduate of Karnataka University's Department of Electronics Engineering, and he has over 21 years of experience in the Indian Navy managing operations and logistics. Ramesh, an electronics engineer, was a founding member of Fabmall.
At BigBasket, Vipul Parekh oversees finance and marketing. As an IIM Bangalore alum, Vipul had important leadership roles at a variety of organizations, such as Wipro Limited and Trinethra Super Retail Ltd. Additionally, he served as an Investment Director for renowned private equity fund Peepul Capital Advisors Pvt Ltd. Before co-founding BigBasket, Parekh also co-founded Fabmall.
Abhinay Choudhari was a co-founder of BigBasket and served as its head of new initiatives. Abhinay is a graduate of IIM Ahmedabad. In addition to working with top IT firms like Infosys and iGATE, Abhinay established Stylecountry.com, one of the earliest online fashion retailers in India. Stylecountry.com had to be shut down because it was not profitable.
On August 5, 2021, Abhinay Choudhari left BigBasket in silence. Abhinay decided to leave BigBasket shortly after Tata acquired it in May 2021, and he was eventually able to do so in August. In a farewell letter to his staff, Choudhari disclosed that he quit BigBasket to launch a new business from the ground up because he had been itching to launch a start-up for nine years. About a new company he will launch, Choudhari stated that he would "solve another equally painful chore for many Indian households." According to sources, he will thereafter be anticipating starting an online laundry company.
The BigBasket founders decided to take advantage of their experience following the catastrophic collapse of the dot-com bubble, which is how it all started. They therefore decided to develop a novel website that had never been done before. When they founded Fabmart.com, all of the Big Basket founders had relevant eCommerce experience.
In 1999, Fabmart.com was an online store selling food, toys, and books. It took them only a few months back then to recognize that the globe, not just our nation, was not prepared for the digital revolution. The founders of Fabmart sold the company for a one-time payment after it was acquired by a traditional grocery chain in 2006.
Then 2011 arrived, the "golden year," when the group got back together and began reconsidering the notion of once more creating something innovative and stimulating. They firmly believed that the time had come to take action that would make them famous, even in the face of all the criticism they had faced in 1999. They had their eureka moment in 2011 when the smartphone market was exploding and everything was available—aside from groceries, of course.
Before opening its first warehouse, BigBasket used to fulfill its requests by buying goods from Metro Cash & Carry stores.
Supermarket Grocery Supplies Pvt. Ltd. operates under the trade name "BigBasket," which originates from the concept of shopping baskets that it offers to its online consumers.
The brand's most recent slogan is "Har Din Sasta."
Getting people to try the service first is one of the biggest obstacles faced by every company in India, as there is a high level of resistance. The next step is to hold onto these customers in the face of all the other market variables, including rivals, regional suppliers, and consumer purchasing patterns, all of which also affect BigBasket.
Furthermore, because BigBasket was a unique grocery startup—something that had never been done before—it took some time for customers to start trusting the company and utilizing its services.
The purchase of the majority of BigBasket by Tata Digital in May 2021 was a key factor in accelerating the company’s growth.
BBNow represents a key component of BigBasket's expansion strategy. With its official launch in Bengaluru, this quick-commerce business meets the pressing needs of its clientele by providing lightning-fast grocery delivery to consumers in a matter of 15 to 30 minutes. By introducing BBNow, BigBasket hopes to strengthen its position in the online grocery market and meet the growing need for quick and easy grocery delivery services. BigBasket now has significant growth potential in the competitive and fast-paced quick-commerce industry thanks to the launch of BBNow, which makes it easier for the company to compete with other companies like Swiggy, Instamart, and Zepto.
According to an internal corporate communication, BigBasket opened its first physical store, "Fresho," in Bangalore during the final week of October 2021. BigBasket co-founder VS Sudhakar said that the aforementioned store has been open to clients of Bangalore's Basaveshwar Nagar since October 25, 2021. He has also told all of the company's staff of this fact. In his email on Fresho, Sudhakar wrote that the store's opening—which is open from 8 a.m. to 9 p.m.—was a “very important, strategic initiative.”
BigBasket has established itself as one of the top marketplaces and start-ups. Being composed and taking things slowly has helped it grow into one of the top online food stores. It embodies well-being, trust, and concern for every one of its clients. By examining BigBasket’s marketing approach, we were able to decipher the e-commerce company’s target audience’s anxiety and inhibitions and take the initiative to be in places where it could engage with them comfortably and provide the best possible answers to their questions.
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