The Indian Wire » Business » Bigbasket targets 50% growth to Rs. 2200 Crore in FY18

Bigbasket targets 50% growth to Rs. 2200 Crore in FY18

There is a 50% growth expected in the yearly turnover of Bigbasket for the financial year ending on March 31 to Rs. 2200 Crore. In 2016-17, the company closed down at an annual turnover of Rs. 1410 Crore. On Friday, Bigbasket announced a fundraiser of USD 300 million in the series E led by Alibaba. There has been participation from existing investors as well including Sands Capital, International Finance Corporation, and Abraaj Group. According to the documents received from the registrar of companies, USD 196 million was invested by all these four existing investors combined together.

Alibaba has shown a huge contribution of around USD 140 million to it. Bigbasket which was founded in December 2011 raised money from investors such as Zodius Capital and Helion Venture Partners. The founders pooled in the seed capital of around Rs. 1 Crore before the company was even started. Till now, Bigbasket has raised USD 556 million and has a valuation of USD 900 million after this funding round. The technology being used in the way goods are being delivered will be reinvented and improved upon. Companies will ensure that a more useful way of delivery is put into use so that the delivery cost of a low ticket item does not affect the profit per transaction of the company quoted PN Sudarshan who is the senior director at Deloitte India. It is unlikely for every unit of the transaction to turn out to be profitable but if the packaging is done in a specific manner then the whole of it can become profitable. However, certain products even if they are not very profitable need to be kept on the shelves quoted PN Sudarshan.

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