BigBasket, the online grocery delivery firm operating under the name Innovative Retail Concepts, has recently disclosed its financial performance for the fiscal year 2022-23. According to details shared by Tofler, the company experienced a widening of losses, with a staggering amount of INR 1,535 crore reported.
According to Tofler, BigBasket witnessed a significant 89 percent increase in losses, suggesting that the company recorded a loss of approximately INR 812 crore during the previous fiscal year, 2021-22.
BigBasket’s revenue saw a modest 5 percent growth, reaching INR 7,462 crore.
“The company further reported a net loss of INR 1,535 cr during the same fiscal. This is 89 per cent increase from the last financial year. The company’s total expenses for the fiscal were reported as INR 8,998 crore,” the report said.
BigBasket refrained from providing any comments regarding the report.