Co-founder and Chief Executive Officer Hari Menon said Bigbasket is well on track to achieve its target of closing FY19 with a revenue of Rs 3,500 crore.
Online grocery store BigBasket is aiming to double its revenue to Rs 7,000 crore in FY20, said Hari Menon, its co-founder and Chief Executive Officer (CEO).
In an exclusive chat with Moneycontrol, Menon said Bigbasket is well on track to achieve its target of closing FY19 with a revenue of Rs 3,500 crore.
While, refraining to divulge more details about the funding that it has recently received, Menon said, “The funds raised will be used for marketing, building infrastructure and developing technology."
According to reports, Bigbasket has raised up to $150 million (Rs 1070.20 crore) in a fresh round of funding from UK government-owned development financial institution CDC Group and South Korea-based private equity firm Mirae Asset.
BigBasket has recently crossed the 10 million customers mark and is clocking close to 1 lakh orders per day. It operates in 30 cities and has recently started operations in Kochi.
With its presence in 30 towns and cities in India, Menon now plans to dig deeper into the cities it already has a foothold in, instead of focussing on expansion into more cities.
Menon said the company will not require more funds as of now.
He aims to take the milk subscription business to 50 percent of complexes in 10 big cities of India.
“We want to scale the milk subscription business and take it to 10 large cities in India and that is going to be our single biggest new customer acquisition channel,” Menon said.
The Alibaba-backed company is expecting 40 percent of its projected revenue to come from private labels, which currently stands at 34 percent.Menon also said that in the next 5-6 years he wants to go public by listing the company.