India’s biggest grocery platform BigBasket is going to expand its offline presence. It is going to accqure the majority of stack in smart vending machine startup Kwik24.
This development comes after the Alibaba-backed company launched a pilot with Kwik24 to deploy the smart vending machine. It was deployed in five apartment building in Bengaluru.
BigBasket has received 90% repeat customers in response to these pilots and now plans to have Kwik24 on board full time to work on customized vending machines.
The Kwik was founded in 2016 by Neeraj Ray and Samir Duggal. Its 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.
According to ET report in February, 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.