INDIA – Online grocery store BigBasket has completed the acquisition of three startups, taking 100% stake in two milk ventures RainCan and Morning Cart and a controlling stake in Kwik24, according to an ET Retail report.
RainCan and Morning Cart acquisitions marks the company’s entry into micro-delivery segment which includes milk delivery and omnichannel grocery delivery.
According to Entrackr, he Bengaluru-based Morning Cart team will be joining BigBasket as part of the deal.
Morning Cart operates a subscription model which delivers morning and daily essentials such as dairy, meat, bakery, perishables, and staples.
The milk delivery service branded BB Daily, will take customer orders for milk and other daily essentials and have them delivered the following morning.
“The micro delivery startup acquisition really helps BigBasket in accelerating our need to bring fresh subscription services to our customers, daily,” said Hari Menon, chief executive of Big Basket.
“And Kwik24 acquisition gives us the ability to be closer to the customer by way of the BB Instant smart vending kiosks.”
The service is being piloted in Bengaluru and Pune with a target to reach eight metro cities.
Earlier this year, the Indian top grocer raised US$300 million in Series E investment led by China’s Alibaba.
The funding, the largest raised by the company gave it the resources to build on a strong market hold while giving it a better competitive edge against Amazon and Flipkart, India’s largest ecommerce giants.
BigBasket co-founder and chief executive Hari Menon had indicated that the funds will be directed towards bettering technology, analytical and infrastructure.
Talks to acquire majority stake in smart vending machines startup Kwik24 surfaced in June after BigBasket launched a pilot with Kwik24 to deploy smart vending machines in five apartment buildings in Bengaluru.
The vending machines were installed as part of the BB Instant service, which allows customers to order fresh produce and other FMCG products through the BB Instant app, and pick it up from the vending machine installed in apartment complexes.
BigBasket claims to have 20,000 daily subscriptions.