BigBasket Appoints Ex-Vini Cosmetics Executive Manish Bajoria As CFO

In the run up to formalising its IPO plans, Tata-owned grocery delivery platform BigBasket has appointed ex-Vini Cosmetics CFO Manish Bajoria as its new CFO. 

In his new role, Bajoria will be responsible for supervising the company’s financial activities as BigBasket enters “its next phase of development and innovation”, the company said in a statement. 

“We are happy to have Manish on board at a time when BigBasket is growing across many fronts. He brings deep financial experience and a practical understanding of how businesses work on the ground,” BigBasket cofounder and CEO Hari Menon said.

Prior to joining the Tata-owned brand, Bajoria was leading the end-to-end financial management of Vini Cosmetics (parent company of Fogg Deodrant) and played a “pivotal role”  in the company’s digital transformation, as per BigBasket. Over a career spanning two decades, the finance professional has also held various leadership positions with giants like Amazon and Hindustan Unilever Limited (HUL).

The development comes at a time when BigBasket is focussing on minimising its burn. In its last disclosed financial numbers for FY24, the company’s B2C arm managed to reduce its net loss by 17% to INR 1,267.2 Cr from INR 1,535.2 Cr. Operating revenue rose about 6% to INR 7,884.5 Cr during the year from INR 7,439.7 Cr in FY23, with revenue from sale of traded products continuing to be the largest contributor.

On the B2B front, the company’s top line crossed the INR 10,000 Cr mark in FY24. Revenue stood at INR 10,061 Cr, up 6% from INR 9,468 Cr in FY23. Meanwhile, loss declined about 21% YoY to INR 1,415.2 Cr in FY24. 

As of now, the company is betting on doubling down on its quick commerce offering, BBNow, to further drive up its top line. For FY25, BigBasket is strategically shifting to the 10-minute delivery model, aiming for $1.5 Bn in sales and a 20% reduction in loss, as per reports. It is expanding its dark store network and focusing on lower-tier cities. 

Recently, BigBasket also forayed into the 10-minute food delivery space by piloting the service in Bengaluru. It plans to expand this service across India by the end of FY26.

BigBasket’s Quick Commerce Play

With the emergence of quick commerce, BigBasket’s slot booking deliveries lost its glow. To pace up with its competitors, including Zepto, Blinkit and Instamart, BigBasket entered the segment in 2022, with the launch of its quick commerce service BBNow.

The company fully pivoted to a quick commerce model to facilitate 10-30 minute deliveries of grocery and non-grocery items, including large appliances and other expensive products, through BBNow.

While BigBasket might be considered as a late entrant in the quick commerce space, it still has an edge when compared to its competitors. The company has private label brands like Fresho (fruits and vegetables), Fresho Meats, BB Royal (staples), and BB Royal Organics. It also owns brands for snacks and packaged foods like Tasties, Tasties Origins, BB GoodDiet and Indie Secrets. 

The company’s chief buying and merchandising officer Seshu Kumar Tirumala told Inc42 that about 40% of the revenue of its B2B arm came from in-house and private label brands.