Online grocery platform BigBasket plans to touch $1 Bn gross sales run rate by the end of FY19. The company recorded close to $33 Mn (INR 230 Cr) in gross monthly sales, with an annual exit rate of around $435.8 Mn (INR 3K Cr) in March 2018.
Hari Menon, co-founder and CEO of BigBasket, said, “If we hit $72.6 Mn (INR 500 Cr) in March, we will exit the year with an $871.7 Mn (INR 6K Cr) exit run rate, which is close to the billion-dollar mark, advancing the number by one year. That’s the growth plan.”
Menon is confident that the company will hit the $43.5 Mn (INR 300 Cr) mark in September this year, and $72.6 Mn (INR 500 Cr) in March (2019).
“Everything in the organisation is gearing up towards these two numbers,” Menon said, adding that company plans to slash burn rates and ensure that its growth does not come at the expense of operational profitability.
Bengaluru-headquartered BigBasket currently offers its services across 20K products from over 1K brands in 26 cities, including Bengaluru, Hyderabad, Mumbai, Pune, Chennai, and Delhi. It offers express delivery of orders within 60 to 120 minutes.
Recently, reports surfaced that BigBasket is looking to raise $300 Mn – $500 Mn from Chinese conglomerate Alibaba Group and some other new investors. Earlier this year, the startup had raised $300 Mn in primary and secondary capital from Alibaba Group.