Tata Group-owned BigBasket’s B2B arm Supermarket Grocery Supplies Pvt Ltd’s losses widened 21 per cent to Rs 215.2 crore in FY23, the media reported on Wednesday.
The unit registered a turnover of Rs 2,261.3 crore for the fiscal year, The Economic Times reported.
In FY22, Supermarket Grocery Supplies’ losses were Rs 177.9 crore at an operating revenue of Rs 1,707.2 crore.
BigBasket, which is reportedly aiming for an initial public offering (IPO) in the near future, had raised $200 million from its primary investor Tata Digital in December last year.
Tata Digital owns a 64.3 per cent stake in BigBasket’s parent company Supermarket Grocery Supplies.
UK-based CDC Group and Mirae Asset are among the other investors in Supermarket Grocery Supplies.
Meanwhile, online grocery delivery firm Innovative Retail Concepts, which operates as BigBasket, posted widening of loss to Rs 1,535 crore for FY23, according to data by private company research platform Tofler.
The company had posted a loss of around Rs 812 crore in 2021-22. The company's revenue increased by 5 per cent to Rs 7,462 crore.
“The company's total expenses for the fiscal were reported as Rs 8,998 crore," the report said.
Collection from groceries and household products constituted 97 per cent of its total operating revenue, which grew 4.3 per cent to Rs 7,175 crore in FY23.
VC funding drops 22.5 pc in China in Jan-Nov as India sees surge
As venture capital (VC) funding surged in India this year, China saw a 22.5 per cent decline in VC funding by both volume and value in the January-November period, a report showed on Thursday.
Indian share market opens in green, Nifty above 23,800
At around 9:37 am, Sensex was trading at 78,744.55 after gaining 271.68 points or 0.35 per cent, while the Nifty was trading at 23,812.50 after gaining 84.85 points or 0.36 per cent.
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.