06 September 2024
Innovative Retail Concepts Pvt Ltd, which runs the business-to-consumer (B2C) unit of online grocery and quick commerce firm BigBasket, posted a modest 6% year-on-year growth in its operating revenue for FY24 to Rs 7,885 crore, though a check on expenses reduced its net loss.
It posted a net loss of Rs 1,267 crore for FY24, down 17% year-on-year, according to the company's regulatory filings sourced from Tofler.
Over the past two years BigBasket, majority owned by Tata Digital, has seen intense competition from quick commerce players such as Zomato-owned Blinkit, Swiggy Instamart, and Nexus Venture Partners-backed Zepto in the hyper-funded online grocery delivery space.
Innovative Retail Concepts Pvt Ltd, which runs the business-to-consumer (B2C) unit of online grocery and quick commerce firm BigBasket, posted a modest 6% year-on-year growth in its operating revenue for FY24 to Rs 7,885 crore, though a check on expenses reduced its net loss.
It posted a net loss of Rs 1,267 crore for FY24, down 17% year-on-year, according to the company's regulatory filings sourced from Tofler.
Over the past two years BigBasket, majority owned by Tata Digital, has seen intense competition from quick commerce players such as Zomato-owned Blinkit, Swiggy Instamart, and Nexus Venture Partners-backed Zepto in the hyper-funded online grocery delivery space.
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