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Quick commerce will cap out at 25 percent of total grocery purchasing
“So these are the two strong use cases, and in my view, this will contribute to about 20 to 25% of the grocery buy, and that's it. Rest of it will continue to be planned and continue to be the way it's working”
Menon claims BigBasket will be the only profitable quick-commerce grocery player
“The only one that's going to build a profitable model today is of us because it's not for us. It's an extension of our business, right? I've got the same DC, same supplier, same everything. My supply chain is just getting more and more loaded, which helps me g…”
Viable quick commerce delivery windows will settle between 30 and 90 minutes
“So you will build a model which is within 30 minutes, right? Less than 30 minutes. There'll be some which will go up to 90 minutes. So 30 to 90 is the range you'll find. Less than 30, less than 90.”
Quick commerce took market share from neighborhood kiranas, not BigBasket
“When these 10 minute, 20 minute things came, lot of our customers went there to buy stuff, which they used to go to Kirana and buy. So none of the big basket business went there.”
Menon predicts BigBasket will become a $10B company under Tata's ownership
“We will still build a ten billion dollar company. So there is nothing different in BigBasket.”
Geopolitical tensions between India and China blocked Alibaba from funding BigBasket further
“So we had the first strategic that came in two years before in the form of Alibaba. Unfortunately, because of the, all the issues that were there with China and stuff like that, they couldn't make further investments.”
Menon: BigBasket raised the largest Series A round in India at the time
“Because I think we raised our, it was the largest series A at that point in time.”
Online grocery penetration in India will eventually reach eight to nine percent
“Online groceries, one percent of the grocery, of grocery in India, right? This will move to three percent. Eventually it will move to eight, nine percent.”
BigBasket achieved CM3 and CM4 positive contribution margins around 2016 or 2017
“And the first thing we demonstrated five years back or six years back is to become CM positive. So we are not, we are profitable trade at CM three, CM four level, which is basically everything you sell. You're making money. You're not selling it at a loss.”
Fabmart built India's first debit card payment gateway for Citibank in 1999
“And that payment gateway was the first payment gateway using a debit card. And I don't know whether you're aware that this would be the first debit card in India, which is called Subida, which Citibank had launched.”
Menon: Modern grocery retail was almost nonexistent in early 2000s India
“And that looked like a very promising business to get into at that point in time, because there was just one chain in India, in South of India, which is called Food World. There was a little bit of Nilgiris. And nowhere else was there modern trade, what we cal…”
Menon: Ascent Capital was BigBasket's first investor with a $10M check
“Ascent Capital was the first investor who came in with a serious ten million cheque.”
BigBasket operationalizes new distribution centers in just seven to ten days
“So today it's a cookie cutter system, right? So you just, now we just go and plonk a DC and it takes us a week, 10 days to get operational. What you should take us a month.”