Kishore Biyani, founder and chief executive officer (CEO) of Future Group, says Oxigen Wallet's franchisees will assist Big Bazaar Direct's retailers and he expects 10,000 franchisees to be live in the next 12 months post tie-up.
The proposed payments bank will leverage Future Group‘s extensive presence across the country to reach out to depositors through its physical presence in 168 cities across the country and rural locations in Gujarat and Punjab through its retail networks
Kishore Biyani's two daughters Ashni and Avni too have followed their father's footsteps and are genNext entrepreneurs of repute lording over the company's food and fashion verticals. They like the digital space and are burning the midnight oil observing consumer behaviour in this space.
Future Retail‘s current debt stands at Rs 4,500 crore and chief executive Kishore Biyani aims to make it debt free over next two years.
"Big Bazaar Direct is a model on a tablet and if it works well, it will be bigger than Big Bazaar," Biyani told reporters at the India Retail Forum 2013.
Kishore Biyani is raising the shutters of a new service that he hopes will be the future of retailing in India. "Big Bazaar Direct" is a first of it's kind, direct-selling model by a large retailer in India that will allow customers to shop by ticking deals off a catalogue.