Bigbasket acquires DailyNinja, aims to achieve break-even sooner than planned
Online grocery platformhas announced the 100 percent business acquisition of online milk delivery platform . This puts an end to speculations raised since November 2019, when the media reported that Bigbasket was in advanced talks with the Sequoia-backed DailyNinja.
Bigbasket Co-founder and CEO Hari Menon says there is no pressure for an IPO or exit from investors.
The acquisition will enable Bigbasket to consolidate its position in the subscription delivery space in Bengaluru.
BbDaily, which makes about 1.6 lakh deliveries every day, including fresh fruits and vegetables, bread, dairy and eggs, among other daily essentials, will now have access to DailyNinja's network of 2,000 milkman partners.
DailyNinja currently caters to around 1.1 lakh customers, transacting daily and will augment BbDaily's reach.
Hari Menon, Co-Founder and CEO at Bigbasket, said:
"Business with small traders is a key and growing part of Bigbasket’s business. DailyNinja currently has a large network of milkman partners, which will enable us to expand our offerings under BbDaily. Our relationship with key national brands and the supply chain built over the years will help us deliver strong value proposition to them. We also aim to improve delivery productivity and achieve break-even much sooner than planned.”
The merger with Bigbasket will be an opportunity for DailyNinja to grow its business to 2x, within a month's time. DailyNinja customers will also get to access BbDaily's non-milk range.
Sagar Yarnalkar, CEO and Co-Founder of DailyNinja , said: “We are pleased to be a part of Bigbasket; this is a great outcome for all of our team members, shareholders, and us founders. When we started DailyNinja five years ago, Bigbasket was the company we were hoping to emulate, and we are excited to be part of the BB family now.”
Earlier last week, witnessing up to two-fold growth in purchases, after authorities in multiple cities closed down malls and shopping markets to contain the coronavirus pandemic.and Bigbasket announced they were
(Edited by Teja Lele Desai)