 "BigBasket loss widens to Rs 611 cr in FY20 even as revenue rose 37.7%")
Supermarket Grocery Supplies (SGS), which operates e-grocery platform BigBasket, has seen its consolidated losses widen to Rs 611 crore, even as revenue from operations increased 37.7 per cent to Rs 3,794.1 crore in FY20.
As per regulatory documents filed with the Corporate Affairs Ministry, SGS had registered a loss of Rs 572.1 crore and revenue of Rs 2,754.1 crore in FY19 on a consolidated basis.
Its consolidated total expenses swelled by over 31 per cent to Rs 4,433 crore in FY20 from Rs 3,376.3 crore in FY19, documents sourced by business intelligence platform Tofler said.
Emails sent to the company did not elicit any response.
BigBasket competes with the likes of Grofers, JioMart, Amazon, Flipkart and others in the e-grocery space.
"The company has been incurring significant losses over the years and has raised equity from shareholders to fund its operations," the document said.
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Subsequent to the year-end, the company raised Rs 393.5 crore from certain investors, along with its existing working capital level at the year-end, SGS believes it will be able to fund its operations for the next year, the document added.
"As of March 31, 2020, the company had a working capital of Rs 14,633.52 million..." it said.
The company is reportedly in discussions with Tata Group for a potential stake sale. BigBasket, however, has not commented on the matter so far.
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