BigBasket B2C unit posts 6% growth in FY24 revenue, cuts losses by 17%
Innovative Retail Concepts Pvt Ltd, which runs the business-to-consumer (B2C) unit of online grocery and quick commerce firm BigBasket, posted a modest 6% year-on-year growth in its operating revenue for FY24 to Rs 7,885 crore, though a check on expenses reduced its net loss.
It posted a net loss of Rs 1,267 crore for FY24, down 17% year-on-year, according to the company’s regulatory filings sourced from Tofler.
Over the past two years BigBasket, majority owned by Tata Digital, has seen intense competition from quick commerce players such as Zomato-owned Blinkit, Swiggy Instamart and Nexus Venture Partners-backed Zepto in the hyper funded online grocery delivery space.
BigBasket, too, started quick commerce under the BB Now banner 2.5 years ago, and is now clocks more than 50% of its sales from the 10-minute delivery vertical, ET had reported on August 27.
The company, which is the largest e-grocer known for slotted deliveries, is planning to pivot fully to quick commerce.
In the fiscal year ended March 2024, Innovative Retail Concepts’ total expenditure increased only marginally on account of reduction in costs such as employee benefit expenses, advertising promotion spends, and multiple other smaller expenses.
On the revenue front, sale of products makes up the bulk of the topline. The second biggest revenue head for the company – advertisement income – showed a nearly flat performance in FY24 at Rs 231 crore, compared with Rs 229 crore in FY23.
In June, ET had reported that Tata Sons had halted fresh
