BigBasket in Talks to Acquire a Majority Stake in Smart Vending Machines Startup Kwik24
egrocery platform BigBasket is in talks to acquire a majority stake in Bengaluru-based smart vending machines startup Kwik24.
The Bengaluru-headquartered company is also in talks to acquire milk-delivery company RainCan as well as wants to foray into medicine delivery through a possible acquisition.
Alibaba-backed company which already launched a pilot with Kwik24 to deploy smart vending machines in five apartment buildings in Bengaluru as part of BigBasket’s BB Instant service, is likely considering acquiring a stake in Kwik24 to increase its reach to offline customers. Customers can order via the BB Instant app, and then pick it up from the vending machine.
BigBasket have received 90% repeat customers in response to these pilots and now plans to have Kwik24 on board full time to work on customised vending machines.
Founded in 2016 by Neeraj Ray and Samir Duggal, Kwik24 designs and manufactures smart vending machines which can disburse hot, cold and other FMCG products. The startup has installed these machines over 30 corporate locations in Bengaluru, apart from the residential deployments through BigBasket.
BigBasket raised $300 million in February in a round led by China’s internet conglomerate Alibaba Group and other existing investors. Founded in 2011 by Hari Menon, Vipul Parekh, Anhinay Chaudhary and VS Sudhakar, BigBasket is also in the process of integrating its app into the Paytm Mall platform, according to media reports.
