The Future Group led e-commerce venture has decided to close down shop, after failing to create a profitable model, the company’s Chief Executive Officer Kishore Biyani said.
Big Bazaar Direct, which sells products from its retail outlets, was recently in news for forming tie-ups with Paytm and Oxygen, however, Kishore Biyani, who has always been a vocal critic of the business model followed by e-commerce companies, said that all his attempts at building a viable online venture have failed.
“I attempted e-commerce four times in my life. We started Future Bazaar way before Flipkart. We lost Rs 300-350 cr in business. Then, we created Big Bazaar Direct and we are officially closing it in next one week. We lost there as well,” he is quoted to have said.