05 March 2024 – BigBasket, a prominent entity within the Tata group, has unveiled its latest venture, the Precia brand, in collaboration with renowned chef Sanjeev Kapoor. This strategic move introduces a diverse range of frozen foods, including vegetables, snacks, and sweets, to achieve Rs 100 million in online sales by 2026.
Precia Background and Collaboration:
The collaboration between BigBasket and Chef Sanjeev Kapoor brings forth Precia, derived from ‘Precious,’ offering a culinary assortment crafted and curated by the celebrated chef. With India’s frozen food sector projected to reach $4.5 billion in the next 5 years, Precia sets ambitious goals in the online grocery market.
Hari Menon, CEO, and Co-founder of BigBasket, emphasized the uniqueness of their private labels, stating that 36 percent of their business is private label-driven. The collaboration with Chef Sanjeev Kapoor aims at delivering differentiated products, focusing on quality rather than driving higher margins.
Menon expressed the company’s commitment to continuously introduce new products, leveraging Chef Sanjeev Kapoor’s expertise. The quick growth strategy includes reaching the Rs 150 crore level rapidly, with a focus on delivering products faster and maintaining high-quality standards.
Chef Sanjeev Kapoor highlighted the use of Individual Quick Freezing (IQF) technology to preserve flavors, coupled with Bigbasket’s robust cold chain infrastructure. Precia’s frozen grocery items and ready–to–cook options are tailored for Indian households, featuring unique dishes and a range of Indian mithai.
Conclusion and Impact:
The introduction of Precia by BigBasket, in collaboration with Chef Sanjeev Kapoor, signifies a strategic move to tap into the growing market for frozen foods in India. The emphasis on differentiation, quick delivery, and tailored offerings reflects the company’s commitment to meeting consumer preferences and driving growth in the online grocery sector. As Precia aims for significant online sales by 2026, the impact on the market’s perception of frozen foods and private labels remains to be seen.
