M&A

M&A

Online grocery BigBasket acquires deeptech startup Agrima

Inc42  

Tata Digital-controlled online grocery giant BigBasket has acquired the Kochi-based enterprise business unit of deeptech startup Agrima Infotech. BigBasket will implement Agrima Infotech's computer vision technology platform, Psyight, at the self-checkout counters of its retail stores. Psyight is a food recognition platform that uses computer vision technology to help distinguish between raw, cooked and packaged food items. The AI-backed platform helps identify all Indian fruits and vegetables uniquely just from an image. Agrima infotech was founded in 2011 by Anoop Balakrishnan, Arun Ravi, and Nikhil Dharman. The KSUM-incubated startup offers deeptech products that enable food and retail companies to scale up their businesses. Agrima claims to have deployed the Psyight platform for companies including Samsung, IFB and Innit, among others. The acquisition comes barely months after Bigbasket forayed into the offline retail segment by unveiling its first technology-driven self-service store – Fresho, in Bengaluru in November of 2021. The launch is part of the startup's plan to open 200 physical outlets across India by 2023 and as many as 800 stores by 2026.