The losses narrowed by 53% (Rs. 310 crore) for FY18 while it remained Rs. 312 crore for FY17.
The SuperMarket Grocery Supplies Pvt. Ltd, which runs BigBasket, the online food and grocery store, posted a 34.5% increase in revenue in the fiscal year 2017-18. The operational revenue reached Rs. 1,606 crore in FY 2017-18; it was Rs 1,197 crore in the previous financial year.
As per the reports, the operating losses are almost consistent as compared to the previous year. The losses narrowed by 53% (Rs. 310 crore) for FY18 while it remained Rs. 312 crore for FY17.
BigBasket’s Innovative Retail saw an increase in revenue by 29% to Rs. 1,410 crore.
The Indian online grocery market, as per the industry estimates, is expected to grow at a CAGR of 55% during 2016–2021.
Bengaluru-based BigBasket is backed by the Alibaba Group Holding, and as per the reports, is in talks to raise over $200 million. Last year, the online food and grocery store raised $300 million in a Series E round of funding. On the other hand, the Gurugram-based Grofers, BigBasket’s competitor is also in talks to raise the funds led by Japanese firm SoftBank Group in order to stay abreast with the second phase of the growth.
BigBasket’s business model is based on direct sourcing from the farmers. It is working with 1,800 farmers, currently, and aims to expand and work with 3,000 farmers in the coming years. At present, BigBasket, the online food and grocery store is among the top e-tailers and operates in 30 cities across India.
The online food and grocery seller has expanded its operations to the HoReCa (hotels, restaurants, and caterers) industry, thus, strengthening its business-to-business operations. It has also partnered with local kirana stores to enable smooth functioning in the operations.