Online grocery retailer Bigbasket plans to generate Rs 500 crore revenue by the end of financial year 2018 through its recently launched HoReCa (Hotel, Restaurant and Catering) segment, the company said in a statement.
The retailer clocked an annualised turnover of Rs 100 crore in the financial year ending March 2017 from the segment which was launched in June last year.
“The company is setting up dedicated distribution centres across 8 cities to scale up the business and has plans to achieve Rs 500 crore exit rate by end of FY 2018,”said Co-founder and Head of new initiatives at Bigbasket, Abhinay Choudhary.
The company would be investing Rs 50 crore over next 12 months as it expands the business nationally, the company said.
The five year old startup has also entered into tie-up with OYO rooms. Through this platform, more than 100 flagship properties of OYO rooms will directly order from bigbasket.
At present, Bigbasket has 4 million registered customers and a presence in over 25 cities across India.