Alibaba-backed BigBasket is looking to close the current fiscal with revenues of Rs 3,500 crore, said a top company executive. The online food and grocery retailer had clocked revenues of Rs 2,000 crore in fiscal 2018.
Hari Menon, co-founder and chief executive officer, BigBasket, said, the company has scaled significantly on the revenue side. “We closed with Rs 2,000 crore topline last fiscal and are expecting to grow to Rs 3,500 crore this fiscal. This actually puts us among the top five grocery retailers in the country. We have the ability to offer large FMCG companies, in terms of reach, deep market insights, digital analytics and so on. We are looking to build BigBasket into a really large business and grow the market while leading the competitive set,” said Menon.
The company is also planning to raise a fresh round of funds of up to $200 million. “It’s a little early to talk about, but we’ll do a fund raise in the next two-three months. It will be in the $150 million to $200 million range. We’d recently raised money so business is well capitalised. The new fund raise will be for a faster growth of some of our new businesses,” said Menon.
BigBasket is also looking to launch new sales channels in the near future to be able to better serve its target audience and build more stickiness with the food and grocery platform.
This story first appeared in DNA Money: BigBasket targets Rs 3,500 cr turnover