This is the largest first round funding for an Indian startup.
BigBasket.com, a online grocery store founded by serial entrepreneurs
K. Ganesh & Meena Ganesh (of TutorVista) along with
Fabmart & Fabmall founders (V S Sudhakar, Hari Menon, Vipul Parekh
and V S Ramesh) has bagged a cool USD 10 million first round funding
according to report in TOI.
With names like those behind the venture, it is not too surprising that VC’s are backing BigBasket.com big-time.
Although, online grocery selling has been much talked about
vertical, no single player has been able to make a mark. Most offline
grocery superstores like Food Bazaar, Reliance Fresh and Star Bazaar
have their online shops, but consumers have not taken fancy to them.
BigBasket.com hopes to bring about a change here – and like others,
they have an ambitious plan of setting up ambitious direct-from-farmer
supply chain to compete on pricing and make it attractive.
I did go through Bigbasket.com briefly, and as of now, I am not sure
if they have the direct-from-farm supply chain in place, as the prices
seem to be similar to what you would expect from normal vendors.
Given the track record of people behind Bigbasket.com, this one e-commerce startup will be one to be watched closely!
No comments:
Post a Comment