BigBasket, an online grocery major, is targeting to double its turnover in FY20, cashing in on the booming online grocery business.
Hari Menon, CEO and Co-Founder, BigBasket, said, "We hope to reach Rs 6300 crore turnover this year from Rs 3200 crore in FY19."
Recently, BigBasket has started operations in Kochi. With this introduction, the company will now have a presence in 26 cities in India.
The company’s share of the total e-commerce grocery business in the country of $1.20 billion is roughly 50% at $ 50 million.
“The total online grocery business is expected to touch $2.50 billion by 2020. We hope to touch $ 1 billion by then,” Menon stated.
BigBasket has entered into new areas of business milk supply, beauty products and installation of the unmanned vending machine at apartment complexes. The company has also ventured into organic produce segment jointly with some of the investors.
Menon added, “At present, we have 200 vending machines. We plan to increase it to 6000 by the end of the year.”