BigBasket is likely adopting the acquisition route to strengthen its position against upcoming players such as Flipkart and US retail giant Amazon’s pantry services in the egrocery space. According to an ET report, the egrocery platform is currently eyeing a stake in Bengaluru-based smart vending machines startup Kwik24.
Earlier reports had surfaced that BigBasket was in talks to acquire milk-delivery company RainCan as well as looking to foray into medicine delivery through a possible acquisition.
BigBasket is likely considering acquiring a stake in Kwik24 to increase its reach to offline customers. The egrocery company recently ran a pilot with Kwik24 to deploy smart vending machines in five apartment buildings in Bengaluru, a part of it’s ‘BB Instant’ service. Customers can order via the BB Instant app and can then pick up the products from the vending machines.
BigBasket is said to have received 90% repeat customers with this approach and is now looking to have Kwik24 on board full time to work on customised vending machines.
Founded in 2016 by Neeraj Ray and Samir Duggal, KWIK24 aims to transform the food retail market with India’s first patented, checkout-free Smart Connected Stores in offices, apartments, and colleges. These Smart Stores are accessible through the KWIK24 mobile app, which lets its users check what is available in each smart store, interact, and pick up products such as meals, snacks and beverages.
No checkout is necessary as the payment is processed in the background. The startup has installed these machines at over 30 corporate locations in Bengaluru, apart from deployments in residential areas through BigBasket, according to media reports.