According to reports on Wednesday, the B2B subsidiary of BigBasket, which is owned by the Tata Group and operates under the name Supermarket Grocery Supplies Pvt Ltd, experienced a 21 percent increase in losses, reaching INR 215.2 crore during the fiscal year 2023.
For the fiscal year, The Economic Times reported that the division recorded a turnover of INR 2,261.3 crore.
During FY22, Supermarket Grocery Supplies incurred losses of INR 177.9 crore while generating an operating revenue of INR 1,707.2 crore.
BigBasket, while purportedly setting its sights on an impending initial public offering (IPO), garnered a substantial sum of $200 million in December of the preceding year from its primary investor, Tata Digital.
Tata Digital holds a majority stake of 64.3 percent in Supermarket Grocery Supplies, the parent company of BigBasket.
Among the additional investors in Supermarket Grocery Supplies are UK-based CDC Group and Mirae Asset.
Meanwhile, Innovative Retail Concepts, the online grocery delivery entity operating as BigBasket, experienced an increase in losses to INR 1,535 crore during FY23, as indicated by data from the private company research platform Tofler.
The company had posted a loss of around INR 812 crore in 2021-22. The company’s revenue increased by 5 per cent to INR 7,462 crore.
“The company’s total expenses for the fiscal were reported as INR 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 INR 7,175 crore in FY23.