BigBasket will be implementing Kochi-based startup Agrima Infotech’s unique customer vision technology platform, Psyight, at the self-checkout counters of the former’s retail stores.
BigBasket, a Tata Group-owned etailer, revealed on Saturday that it had purchased the enterprise business arm of a deep-tech company, Agrima Infotech, in an effort to revolutionise offline retail.
BigBasket will use Kochi-based company Agrima Infotech’s unique consumer vision technology platform, Psyight, at its retail outlets’ self-checkout counters.
Psyight, developed by Agrima Infotech’s Anoop Balakrishnan, Arun Ravi, and Nikhil Dharman, aids in the identification of all Indian fruits and vegetables from a picture without the need of barcodes.
Balakrishnan, co-founder, and CEO of Agrima Infotech, stated that his company’s collaboration with BigBasket will alter the offline shopping experience in the nation.
The acquisition adds a significant amount of value to our company. BigBasket will apply its experience in AI (artificial intelligence) and ML (machine learning) to enrich and improve the company’s technical innovation. We are excited to collaborate with the Agrima team to create solid innovation in the grocery market, said Hari Menon, CEO of BigBasket.
The agreement was announced on the margins of KSUM’s Huddle Global 2022 conference.
Psyight, developed by Agrima Infotech’s Anoop Balakrishnan, Arun Ravi, and Nikhil Dharman, aids in the identification of all Indian fruits and vegetables from a picture without the need of barcodes.
Describing the acquisition as a ‘milestone’, KSUM Chief Executive Officer John M Thomas said, “It not only reiterates the strength of our startup ecosystem, but shows the great impression firms such as BigBasket have about our startups,” he noted. “I hope the deal would encourage startups to move ahead strongly in their attempt to scale up their business.”
Anoop Balakrishnan, Co-founder and CEO of Agrima Infotech, stated that his company’s collaboration with BigBasket will alter the offline shopping experience in the nation.
BigBasket just built its first technology-driven self-service retail store, dubbed ‘Fresho,’ in Bangalore.
Bengaluru-based Helion Ventures, CDC, Bessemer Venture Partners, and Mirae Asset Venture Investments from South Korea are among BigBasket’s investors.
Tata Digital, a subsidiary of Tata Sons, purchased a 64.3 percent share in Supermarket Grocery Supplies (SGS), the parent and business-to-business (B2B) operator of Bigbasket, in May last year, offering exits for at least two early institutional investors, including Alibaba Group and Actis LLP.
KSUM is the Kerala Government’s focal organisation for entrepreneurship development and incubation operations in the state.
According to Arun Ravi, Co-Founder and COO of Agrima, recognising fresh food products such as fruits and vegetables distinctively from an image is a challenging machine vision challenge because the look of those goods varies depending on their origin and season. “To achieve 100% accuracy, we captured thousands of images of each SKU (stock-keeping unit) across seasons and locations,” he continued.
BigBasket, which competes with Amazon and Flipkart, intends to establish 200 physical stores across the country by fiscal year 2023. It intends to raise the number of shops to 800 by 2026.
