Tata Group-owned e-commerce company BigBasket has rolled out its SAAS (software as a service) product called BB Matrix. With this, the company aims to target mid-level and large enterprise firms operating in the manufacturing, retail, e-tail, supply chain and logistics. “This product has been created with the aim to manage the supply chain, warehouse, and transport,” Manish Mishra, head of marketing and sales, BB Matrix, told BrandWagon Online.
The company running a pilot, until its official launch, claimed that it had clocked gross revenue worth $1 million, in FY24. “The aim is to expand the service in international markets and grow the revenue in double digits in the next three to five years,” Mishra stated.
Backed by the Tata Group, Mishra claimed that the product has received substantial investment to date. According to Mishra, the first step was to create the right product, which would be later backed by a go-to-market strategy. He further added that once deployed the service would help manufacturers manage warehouse capability, besides streamlining the delivery system. “A B2B product, it caters to meet the needs of B2C companies,” he said.
Revenue in the Indian SaaS market is projected to reach $3.40 billion in 2024, as per market research firm Statista. Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 25.11%, resulting in a market volume of US$10.42bn by 2029. The average spend per employee in the SAAS market is projected to reach $6.24 in 2024. In global comparison, most revenue will be generated in the United States at $190.10 billion in 2024.