Online grocery marketplace Bigbasket recently announced that it has acquired a 100% stake in milk delivery app DailyNinja to grow its milk delivery services.
As per various media reports, the grocery delivery platform paid around $15-20mn for the acquisition. The acquisition further strengthens Bigbasket’s leadership position in the subscription delivery space in the Silicon Valley of India.
Post the acquisition Bigbasket will have access to DailyNinja’s network of 2,000 milkman partners spread across the nation. The acquisition will also turn favorable for DailyNinja with an opportunity to double its business within a month by leveraging Bigbasket’s supply chain capabilities.
DailyNinja’s existing customers will now be able to access Bigbasket’s non-milk range products.
Commenting on the acquisition, Hari Menon, Co-Founder, and CEO, Bigbasket, said that business with small traders is a key and growing part of Bigbasket’s strategy.
“DailyNinja currently has a large network of milkman partners which will enable us to expand our offerings under BB Daily. Our relationship with the key national brands as well as the supply chain built over the years will help us deliver strong value propositions to them. We also aim to improve delivery productivity and achieve break-even much sooner than planned,” Menon added.
“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 5 years ago, Bigbasket was the company we were hoping to emulate, and we are excited to be part of the BB Family now,” added Sagar Yarnalkar, co-founder, DailyNinja.
The development was first speculated in November last year with several media houses saying that DailyNinja was struggling with raising funds.
DailyNinja, founded by Sagar Yarnalkar and Anurag Gupta in 2015, had last raised an undisclosed amount from Mumbai-based VC firm Matrix Partners India in September 2018. Prior to that, the company had raised $3mn from Saama Capital and Sequoia Capital.
Sandeep is a journalism and mass communication graduate with a keen interest in politics and business. He is a part of Research & Content team at HrNxt.com.