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13 Jan, 10 tweets, 3 min read
Online grocery market in India is competitive. There's Amazon, Flipkart, JioMart and several others in this space. But BigBasket, reportedly valued north of $2 bn, has held its own. A thread. @RavBhatia
⚡️Grocery is expected to be a $790 billion market by 2024. Of this, online grocery is expected to be around $18.2 billion. (Source: @RedSeer)
⚡️ The market, currently around $603 billion in size, is dominated by traditional retail (95.7%). (Source: @RedSeer)
⚡️Only 0.3 % of the market is served by online retail and 4% is served by modern retail. The remaining is still catered to by traditional stores. (Source: @RedSeer)
What do these numbers tell us?

The headroom for growth is massive! At the risk of sounding cliched, I’ll say this: even if you end up with a modest 1% of the market, you’d have a business that sells goods worth over $7.9 billion a year.
Since I started tracking the sector in 2012, dozens of startups have come and gone. But one company has been constantly on my radar: @bigbasketblog.
The company, which mostly focused on heads down execution, was valued at $1.2 billion in their previous round of funding (2019). As per reports, their valuation is likely trending upwards of $2 billion now.
BigBasket is not our typical startup with young founders, snazzy tech, and headline-grabbing public relations machinery. Its founders are older, it works in a business with razor-thin margins, yet is inching closer to profitability.
BigBasket has held its own even when hyper funded startups unleashed deep discounting blitzkrieg.

How does the company win? What makes it tick?
In the latest episode of The Use Case Podcast, we talk about how BigBasket wins, with @TNHari and M S Subramanian, the authors of Saying No to Jugaad: The Making of Big Basket. The book was shortlisted for the @GajaCapital book prize. Listen here 👉🏾…

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