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BigBasket’s Wholesale Business Sees 34.54 Per Cent Rise In Revenues To Rs 1,583 Crore In FY18, Yet Reports Overall Loss
Representative image of a wholesale warehouse (John Moore/Getty Images)
BigBasket’s wholesale wing Supermarket Grocery Supplies has registered a whopping 34.54 per cent growth in revenue to Rs 1,583 crore for the financial year ending on 31 March 2018, as per data from business intelligence platform Tofler, reports Financial Express.
The company’s revenue in the previous fiscal was Rs 1,176 crore. Even with this strong growth, the wholesale arm is not yet profitable, with net losses of Rs 310 crore in FY18, which is however substantially lower than losses in FY17, which stood at Rs 643.41 crore. This translates to a decline of 52.51 per cent year-on-year.
BigBasket, which is backed by Chinese e-commerce giant Alibaba Group, is currently looking at ambitious plans to expand its operations, going forth with talks to raise about $200 million to compete in the intensely cut-throat scramble for India’s online marketplace.
Another online shopping service which is trying to raise fresh funds is Gurgaon-based company Grofers, whose funding process is being led by the Japanese corporation SoftBank Group.
Grofers is currently the second most popular online grocer, in a market where BigBasket holds a plurality of share. BigBasket holds 35.2 per cent of the total market while Grofers is just marginally behind at 31.5 per cent.
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