- Hari Menon stepped down as BigBasket CEO, will remain on the Board and mentor
- Amazon's Amit Nanda appointed as new BigBasket CEO, bringing e-commerce expertise
- Tata Group aims to strengthen BigBasket's position in quick commerce market
Tata-owned BigBasket cofounder Hari Menon has stepped down as chief executive of the e-grocery firm, the company announced on Tuesday. Amazon veteran Amit Nanda, director of selling partner services at the ecommerce major, will take over as CEO.
Menon will, however, continue on the Board and mentor the new leadership.
"Having built bigbasket from its inception to its current position as one of India's most trusted consumer platforms, I am delighted to welcome Amit as CEO. His deep understanding of consumers, strong track record of building and scaling businesses, and extensive experience across e-commerce and consumer sectors make him uniquely positioned to lead bigbasket for its journey ahead," Menon said.
The change in guard comes as the Tata Group looks to sharpen BigBasket's positioning in the hyper-competitive quick commerce market against Blinkit, Swiggy Instamart and Zepto.
Despite its early lead in the online grocery segment, BigBasket's delayed push into rapid delivery allowed rivals to gain market share.
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Menon co-founded BigBasket in 2011 along with Vipul Parekh, VS Sudhakar, Abhinay Choudhari and VS Ramesh as a scheduled-delivery business. Choudhari is the only founding member to have exited following the Tata acquisition.
On joining bigbasket, Nanda said, “I am incredibly excited to join bigbasket and build upon the phenomenal trust it has established with millions of consumers across India. Combining bigbasket's customer-first values with the trusted legacy of the Tata Group creates a strong foundation for the future. I have deep admiration for the organization Hari and the team have built - particularly its powerhouse private labels. I look forward to partnering closely with Hari and the entire leadership team to drive our shared vision and capture the massive growth opportunities before us.”
Tata Digital, a wholly owned subsidiary of Tata Sons, acquired a 64.3% stake in BigBasket's B2B arm, Supermarket Grocery Supplies, in 2021 through a mix of primary and secondary share purchases. The company was last valued at $3.2 billion when it raised $200 million from Tata Digital three years ago.
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