 "Tata Digital's FY24 losses narrow to Rs 1,200 crore, revenue doubles")
Tata Digital, the e-commerce arm of Tata Sons, saw its losses narrow for FY24 to Rs 1,200.82 crore from Rs 1,370.09 crore in the previous year, while the revenue more than doubled to Rs 420.51 crore from Rs 204.35 crore in FY23, according to Tata Sons’ annual report.
The company reported a gross merchandise value (GMV) of Rs 37,355 crore. The business saw 20.76 million transacting customers during this year.
The financial services segment witnessed significant growth with the number of co-branded credit cards reaching 1.18 million, becoming the fastest-growing co-branded credit card in India, the report said.
The NeuPass programme has achieved strong growth, with a sizable 116.4 million member base, said the report.
Bigbasket, the largest e-grocery platform in the country, also saw its losses narrow for FY24 at Rs 128 crore from Rs 215.21in FY23. Revenue was up 5.7 per cent at Rs 2,391.83 crore for FY24. In FY23, Bigbasket reported a turnover of Rs 2,261.28 crore.
Tata 1mg Technologies turned profitable with a profit of Rs 22 crore for FY24. This is from a loss of Rs 694 crore in FY23.
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The improvement in Tata Digital’s financial performance comes as CEO, Naveen Tahilyani, appointed to the role in February this year, not only tightened the cost structure in the company but also streamlined the company by making it nimble and business-focused.