BigBasket Acquires Deeptech Startup Agrima for Offline Shopping Reinvention
Monday, 21 February 2022, 08:55 IST
BigBasket, the online grocery behemoth, has acquired Agrima Infotech's enterprise business segment.
BigBasket will use Agrima Infotech's Psyight computer vision technology platform at its retail outlets' self-checkout counters as part of the arrangement.
Psyight is a food identification platform that employs computer vision to differentiate between raw, prepared, and packaged foods. Essentially, the AI-powered platform aids in the identification of all Indian fruits and vegetables based just on their appearance.
Arun Ravi, the company's COO and cofounder, stated, “Detecting raw food items such as fruits and vegetables uniquely from an image is a complex machine vision problem…We have captured thousands of images of each SKU (stock-keeping unit) across the seasons and from different locations to achieve cent percent accuracy.”
BigBasket CEO Hari Menon made the news on the sidelines of Kerala Startup Mission's two-day 'Huddle Global 2022' virtual event (KSUM).
Menon stated that the purchase adds "a lot of value to our business," and that BigBasket would employ its AI and machine learning skills to expand and strengthen the company's technical innovation.
Anoop Balakrishnan, Arun Ravi, and Nikhil Dharman started Agrima infotech in 2011. The KSUM-incubated company provides deeptech tools that help food and retail organisations grow their operations.
Agrima Infotech has already implemented the Psyight platform for a number of clients, including Samsung, IFB, and Innit.
BigBasket was acquired by Tata Digital in May of last year. The company has since restructured its activities.
The acquisition comes only months after Bigbasket entered the offline retail space with the launch of Fresho, its first technology-driven self-service shop, in Bengaluru in November 2021.
The launch is part of the company's aim to open 200 physical locations across India by 2023 and 800 by 2026.
BigBasket's connection with Agrima might help it grow its Fresho retail outlets and speed up invoicing, which could pay off handsomely for the supermarket behemoth.
According to research, the Indian e-grocery sector is expected to reach $22 billion by 2025. In the same analysis, the existing market was estimated to be worth $3 billion in FY21.
With a market share of 37 percent in FY21, BigBasket was the de facto leader in the Indian egrocery industry, followed by Grofers with a 13 percent share.
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BigBasket will use Agrima Infotech's Psyight computer vision technology platform at its retail outlets' self-checkout counters as part of the arrangement.
Psyight is a food identification platform that employs computer vision to differentiate between raw, prepared, and packaged foods. Essentially, the AI-powered platform aids in the identification of all Indian fruits and vegetables based just on their appearance.
Arun Ravi, the company's COO and cofounder, stated, “Detecting raw food items such as fruits and vegetables uniquely from an image is a complex machine vision problem…We have captured thousands of images of each SKU (stock-keeping unit) across the seasons and from different locations to achieve cent percent accuracy.”
BigBasket CEO Hari Menon made the news on the sidelines of Kerala Startup Mission's two-day 'Huddle Global 2022' virtual event (KSUM).
Menon stated that the purchase adds "a lot of value to our business," and that BigBasket would employ its AI and machine learning skills to expand and strengthen the company's technical innovation.
Anoop Balakrishnan, Arun Ravi, and Nikhil Dharman started Agrima infotech in 2011. The KSUM-incubated company provides deeptech tools that help food and retail organisations grow their operations.
Agrima Infotech has already implemented the Psyight platform for a number of clients, including Samsung, IFB, and Innit.
BigBasket was acquired by Tata Digital in May of last year. The company has since restructured its activities.
The acquisition comes only months after Bigbasket entered the offline retail space with the launch of Fresho, its first technology-driven self-service shop, in Bengaluru in November 2021.
The launch is part of the company's aim to open 200 physical locations across India by 2023 and 800 by 2026.
BigBasket's connection with Agrima might help it grow its Fresho retail outlets and speed up invoicing, which could pay off handsomely for the supermarket behemoth.
According to research, the Indian e-grocery sector is expected to reach $22 billion by 2025. In the same analysis, the existing market was estimated to be worth $3 billion in FY21.
With a market share of 37 percent in FY21, BigBasket was the de facto leader in the Indian egrocery industry, followed by Grofers with a 13 percent share.
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