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BigBasket B2C unit posts 6% growth in FY24 revenue, cuts losses by 17%

Economic Times · 2m

Innovative Retail Concepts Pvt Ltd, the B2C unit of BigBasket, posted a 6% YoY growth in operating revenue for FY24, reaching Rs 7,885 crore. It reported a net loss of Rs 1,267 crore, down 17% YoY. The company faces competition from quick commerce players like Blinkit, Instamart, and Zepto in the online grocery delivery space. BigBasket is planning to shift its focus entirely to quick commerce. The company's total expenditure increased slightly, while advertisement income remained flat. Tata Group, which owns majority stake in BigBasket, halted fresh investments to reevaluate profitability strategies. BigBasket aims to raise $80-100 million for expansion plans, including the expansion of dark stores.