Tata Digital standalone FY23 revenue grows 13 times to Rs 204 crore, loss up 23%

economictimes.indiatimes.com:

Tata Digital, which houses ecommerce superapp Neu, has recorded a standalone revenue of Rs 204.35 crore in FY23, growing close to 13 times compared to the previous year, as per Tata Sons annual report. On a standalone level, the unit recorded a loss of Rs 1,370 crore – a jump of around 23%. Tata Digital is the ecommerce arm of the Mumbai-based salt-to-aviation major which houses digital assets such as egrocery firm BigBasket and online pharmacy 1mg, besides its own digital offerings like Tata Cliq, Croma and others.

Neu, launched with much fanfare in 2021, was pitched as a challenger to bigger incumbents like Walmart-owned Flipkart and Amazon India besides Reliance Industries’s Jio Mart. The above mentioned numbers do not include any of the subsidiaries.At a consolidated level, Tata Digital reported a revenue of Rs 15,979 crore in financial year 2022 from Rs 5,315 crore in the previous financial year (FY21). While the superapp faced several glitches on its debut, Tata Digital has revamped it now as part of a restructuring underway at the firm.

It recently hiredGopal Asthana as new CEO for fashion business Tata Cliq, as reported by ET on June 23. ETtech reported earlier on FY23 financials of BigBasket’s B2B arm and 1mg as well. Croma–one of the largest businesses on Neu, reported a turnover of Rs 15,851 crore in FY23 along with a loss of Rs 325 crore during the period under review.

Cliq, on the other hand, posted a revenue of Rs 78.5 crore in FY23 along with a loss of Rs 175 crore, as per the annual report. During the year, Tata Digital also brought Cliq and Croma under its arm, consolidating key assets under the ecommerce unit. In an interview with ET on June 5,Tata Digital CEO Pratik Pal had said Tata Sons invested