BigBasket`s B2B arm Supermarket Grocery Supplies` losses swell 21%
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
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.
