February 2024

Big Basket Registration

Business / /

E-commerce is proving to be a game-changer for businesses involved in the trading of goods. It has emerged as a double-edged sword, benefiting both the retailer and consumer in an era of commercial boon where the latter is prevented from venturing on a shopping trip due to various chores. The roots of Big Basket dates back to 1999, when a group of entrepreneurs in Hari Menon, Vipul Parekh, Abinay Choudari, and V.S. Ramesh laid the foundation to India’s first online business platform – Fabmart.com. This successful foray was followed by the introduction of online groceries, a retail chain of grocery supermarkets called Fabmall (which was sold later), and more recently Big Basket in 2011. The entity is now acclaimed to be India’s largest online food and grocery store with more than 18,000 products and a vast collection of food products sought by the consumer right from fresh fruits and vegetables, rice and dals, spices and seasonings to packaged products, beverages, personal care produce or meat. Mode of Operation BigBasket has classified its online business model as an inventory-led and hyper-local delivery, with the object of covering the entire grocery requirements of customers. Under the inventory model, the online entity procures products from leading food suppliers and stores them in its premises and passes on to the customers from this storage space. On the other hand, unreserved products are given the just-in-time treatment, wherein raw material orders from all suppliers are aligned with the production schedules. Also, the establishment has tie-ups with a range of grocery stores across India to deliver products within 90 minutes. Customers would be delivered products after picking and choosing them and making the online payment. BigBasket entitles the consumer to choose their preferred time of delivery. Locales of Operation BigBasket is now operational in Bangalore, Hyderabad, Mumbai, Pune, Chennai, Delhi, Noida, Mysore, Coimbatore, Vijayawada-Guntur, Kolkata, Ahmedabad-Gandhinagar, Lucknow-Kanpur, Gurgaon, Vadodara, Visakhapatnam, Surat, Nagpur, Patna, Indore, Chandigarh, and Trichy. Ownership Rights The ownership rights of BigBasket are vested with Innovative Retail Concepts Pvt Ltd (IRCPL). The parent company is entitled to collect certain essential information from the users during registration. Categories of Trade The online trading entity deals with a range of categories. A few prominent ones are mentioned below: Toor Dal Health Drinks Sunflower Oils Chocolates Fruits Vegetables Whole Spices Toilet Cleaners Flakes Glucose Marie and Milk Biscuits Diapers & Wipes Mango Juices Registration Process A trader may start selling with BigBasket upon registering with the online trading chain through its website. The following details must be specified for the purpose: Name Mobile number. Name of the company willing to register. E-mail address. Desired password. Desired locale of operation. A profile of the applicant company’s services, including the USP (Unique Selling Portfolio) of the product, tentative margin that can be provided, and whether or not the product in question needs to be stored in chillers/freezers. The applicant may complete the registration processing by clicking ‘Sign Up’. BigBasket would then contact the applicant to further the application process. Selected partners may pursue their operations using the ‘Login’ option. Benefit of Registering with BigBasket Partnering with an e-commerce entity is a given for establishments seeking to promote their business in the age of rigorous schedules, which prompts the need for convenient service options. The partnership may reduce a portion of the sales profit, but a good financier would understand that improved sales would not only make up the cost but would provide more revenues when compared with the produce of the endeavors without the association. BigBasket is considerably the most promising in the sector, considering its unique portfolio and unrivaled business strategy. This factor must encourage FMCG giants to join hands with the entity for faster and efficient promotion of food products. Affiliate Program Considered as India’s largest grocery store with a portfolio encompassing more than 20,000 products and a host of brands in the catalogue, Big Baskets provides brands with the option of an affiliate program, through which they could earn the cost of placing banners or links on its website referring the users to the website of BigBasket. Participating entities could earn up to 7% whenever a user clicks on the banner/link to make a purchase on the BigBasket website. No fee would be incurred on joining the program. Process of Being Affiliated A trader can be an affiliate partner of BigBasket by specifying the various details in the affiliate sign-up page of the website, wherein the details to be filled in are classified into account details, user details, and other additional details. Claiming the Referral Commission Affiliates may claim their commission by raising monthly invoices exceeding Rs. 2000, which should include details of the approved transactions on the affiliate panel, along with the supporting documents. Upon receiving it, BigBasket would release the payments within 30 days from the date of receipt after validating the numbers. Calculation of Affiliated Transactions Browser transactions are computed based on the last click attribution. It is noteworthy that the cookie duration for any referral user from the affiliate’s side to that of BigBasket is stipulated to be seven days, which means the panel will only capture transactions within this timeline. Offline Pursuit BigBasket’s online model of business also needs introduction, but its offline pursuit provides it the tag of an aggressive market player. BigBasket offers delivery within 90 minutes of the order by collaborating with neighborhood stores, the likes of whom would don the responsibility of delivering the products to the customers. The measure has been initiated considering the scenarios where the need for groceries may arrive unplanned, in which case the consumers wouldn’t be in a position to wait for a day or even a few hours.  BB specialty stores now function in Bangalore, Delhi, Gurgaon, Noida, Pune, Mumbai, Chennai, Hyderabad, Kolkata, and Ahmadabad. Big Basket offers products of the following categories through this facility: Cakes and bakery products. Meat products. Flowers. Body care utilities. Ayurvedic commodities. Sweets and savories. Nuts and chocolates. Green Basket BigBasket may well be emulated for its

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Dissolution of Partnership firms in India

Companies Act 2013 / /

A partnership firm is a business entity and is set up for the sole purpose of profiting from business. Two or more people form a formal agreement (known as a Partnership Deed) to own and manage a business. When the purpose is attained or the partners decide to end the partnership, it must be wound up and the partnership ends. The firm’s business ceases to exist upon dissolving because its affairs are covered up by selling the assets, discharging the partners’ claims etc. The dissolution of a partnership firm refers to the dissolution of a partnership among all partners of a firm.  Dissolving a partnership firm means discontinuing the business under the name of the said partnership firm. In this case, all liabilities are finally settled by selling off assets or transferring them to a particular partner, settling all accounts that existed with the partnership firm. Any profit/ loss is transferred to partners in their profit sharing ratio as agreed by them in the partnership deed. Dissolving a partnership firm is different from dissolving a partnership. In the former case, the firm ends its name and hence cannot do business in the future. But in case of dissolving a partnership, the existing partnership is dissolved by consent or on happening of a certain event, but the firm can retain its existence if remaining partners enter into a new partnership agreement. What do you mean by Dissolution of Partnership firm? Any gain or loss is shared out to partners in accordance with the profit-sharing ratio agreed upon in the partnership agreement. The process of dissolving a partnership firm differs from that of dissolving a partnership. In the first case, the company’s name is put to an end ,than the firm is no longer permitted to do business in the future. However, when a partnership is brought to an end, the existing partnership is put to an end by consent or the occurrence of a specific event. Even though, the firm can continue to exist if the remaining partners enter into a new partnership. Various methods of Dissolution of Partnership firm Dissolution by mutual consent, i.e. Agreement   This is the simplest method of dissolving a partnership. The process of dissolution came about with the mutual consent of all partners through the use of a contract between the partners. As a result, a partnership is set up as well as put to an end through the use of an agreement. Dissolution by notice  If a partnership at will, the firm may be dissolved by a writing a notice which is given by either of the collaborators to all other partners , stating their willingness to dissolve the partnership. Once served, this notice to dissolve a firm cannot be withdrawn without the permission of all the other partners. Dissolution depends upon the happening of certain contingent events   Any partnership if formed for a fixed tenure  will dissolve itself after the completion of the tenure.  Some collaborations were formed in order to achieve a specific goal. However, when a certain goal is fulfilled the partnership automatically dissolves  In case of insanity or death of any partner.  If any of the partners became insolvent. Compulsive dissolution      All but one of the firm’s partners became bankrupt. If the company engages in any illegal activities. For example- dealing with an alien enemy or dealing in drugs,etc.  Dissolution by court  If one of the partners becomes mentally unstable, cheats on another partner, or does not comply with the terms of the contract, etc. As a result, the other partner will file a proceeding to dissolve the company. However, the court may dissolve the company only if the company is on record with the company’s registrar. Therefore, any firm, i.e. not on record that partnership is not dissolved in court. Partners continue to be responsible to third parties   Until the public declaration of dissolution, the Partner carries on with the responsibility for the action taken by the partner if such action is taken prior to the statement.   If a partner of the firm is bankrupt/leaves the company, the partner is not liable for any action after bankruptcy/retirement. However, the legal heir of the one who is no more is not responsible for any action taken by the other partner after the death of the partner. Equity transfer to third party If any partner transfers control in the form of interest or equity to a third party without consulting other partners, the partner(s) may dissolve the firm. Documents required for the Dissolution of a Partnership firm PAN Card  Address Proof of firm  Accounting information  Legal Liabilities  Original partnership deed and all its modified versions How to settle the accounts of the firm? The company’s losses are reimbursed from the profits and then from the partners’ equity, and even in this case, if the losses are not reimbursed, the losses is split up between the partners in proportion to their shares in the profits.  The company’s assets and capital contributed by the partners to offset the company’s losses are applicable in the following order:  Debts owed to third parties are paid first. If any loan taken out by the company from a partner is repaid to that partner.  Each partner’s capital contribution is repaid in proportion to his contribution. The balance is distributed among the partners based on the profit-sharing ration. All assets of the firm are put on sale in the market and the firm’s member required to utilise the money for the payment of debts. Assets or liabilities are also transferred to some other person, usually to a partner whose respective equity accounts synchronise by the corresponding amount. What are the conditions under which the Premium is reimbursed? If the partner pays a certain premium to join the partnership for a certain period of time . However, if the company is put to an end before the lapse of the time period. As a result, the firm is bound to return the premium amount to the partner. However, there are some conditions i.e. The reason for dissolution should

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