Online grocer BigBasket hopes to breakeven by FY17-18, the company has said. It is targeting a sales turnover of Rs 12,000 crore by FY18-19.
Addressing the media after launching ‘bb express’, its express delivery service to customers in Hyderabad, Abhinay Choudhari, co-founder, said, “We hope to close this year at around R1,000 crore. Going forward with the increasing demand for online experience for both fresh fruits, vegetables and staples, we see a lot of opportunity for online sales. We expect to close FY18-19 with a sales turnover of R12,000 crore with 35% revenues coming from private label business from across 30 cities,” he said.
BigBasket has over 14,000 products from over 1,000 brands and presence in eight cities. “Considering the fact that customers seek instant gratification today, the launch of bb express is a strategic move to further enhance our growth in the online retail segment. In addition to rapidly expanding our presence in the metropolitan and tier II markets, we are planning to expand our bb express service to eight of our existing markets by the end of this financial year,” he said.
Online grocery sales is catching momentum because of convenience along with quality products.
The company recently closed $120 million round of funding from the US-based Sands Capital, AppDynamics along with International Finance Corporation and Bessemer Venture Partners. “We are looking at an organic growth as we are now completely funded,” he said.