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Rebel Foods growth slows in FY25, reports Rs 336 Cr loss

EntrackrEntrackr · 5d ago
Rebel Foods growth slows in FY25, reports Rs 336 Cr loss
Medial

url: https://entrackr.com/fintrackr/rebel-foods-growth-slows-in-fy25-reports-rs-336-cr-loss-10884067 Content: Cloud kitchen company Rebel Foods has been witnessing modest growth over the past couple of fiscal years. The Pune-based firm recorded a meagre 14% year-on-year rise in revenue during the fiscal year ending March 2025, while its losses declined by roughly the same proportion. Rebel Foods’ revenue from operations grew to Rs 1,617 crore in FY25 from Rs 1,420 crore in FY24, as per its consolidated financial statements filed with the Registrar of Companies (RoC). Rebel Foods operates brands like Faasos, The Biryani Life, Lunch Box, Over Story, The Good Bowl, Behrouz and others. The company derives the bulk of its revenue from the sale of food products, which accounted for 97% of operating revenue, climbing to Rs 1,565 crore in FY25. Income from services rose 6.5% to Rs 33 crore in FY25 from Rs 31 crore in FY24. Including non-operating revenue of Rs 41 crore, Rebel Foods’ total income stood at Rs 1,658 crore in the last fiscal year. The cost of materials was its largest expense, which grew 11% to Rs 678.5 crore in FY25 from Rs 613 crore in FY24, forming 34% of total expenses. Employee benefit expenses saw a marginal decline of 2% to Rs 388 crore, while advertising costs increased 14% to Rs 153 crore. Brokerage and commission expenses were up 6% to Rs 243 crore. Overall, the firm’s total costs rose 7% year-on-year to Rs 1,987 crore in FY25. With the help of revenue outpacing the company’s expenses, Rebel Foods managed to control its loss by nearly 12% to Rs 336 crore in FY25. Its ROCE and EBITDA margin improved to -35.93% and -10.39% respectively. On a unit level, Rebel Foods spent Rs 1.23 to earn a rupee of revenue in FY25, improving from Rs 1.31 in FY24. The company held cash and bank balances of Rs 56 crore at the end of March 2025, while its current assets stood at Rs 597 crore in the same period. According to startup data intelligence platform TheKredible, Rebel Foods has raised nearly $803 million of funding till date, having Peak XV Partners, Coatue, QIA and Lightbox as its lead investors. The continuing losses on moderating growth does not augur well for Rebel Foods, seen as a survivor from the pandemic shock to many cloud kitchen startups. Its travails reflect the bigger issues confronting Barbecue Nation or other listed firms in the category, with only Domino’s showing the resilience to keep growing profitably. We don’t see the situation improving significantly in the near future for the firm, which could portend significant restructuring and other changes to control costs further.

BigBasket’s B2C losses widen sharply in FY25; consolidated revenue declines

EntrackrEntrackr · 4m ago
BigBasket’s B2C losses widen sharply in FY25; consolidated revenue declines
Medial

BigBasket’s financial performance deteriorated in FY25, with its core B2C unit posting a steep rise in losses even as overall revenue declined. The platform, backed by Tata Digital, continues to face pressure on multiple fronts, from quick commerce rivals to evolving consumer expectations. According to Tata Sons’ FY25 annual report, Innovative Retail Concepts, which runs BigBasket’s consumer-facing business, saw its operating revenue shrink by 2.7% to Rs 7,673.4 crore from Rs 7,885 crore in FY24. At the same time, its loss widened sharply to Rs 1,850 crore, compared to Rs 1,267 crore in the previous fiscal year, marking a 46% year-on-year increase. The red ink highlights the cost burden BigBasket is incurring as it attempts to reposition itself from a scheduled grocery delivery service to a quick commerce platform. Increased spending on warehousing, logistics, discounting, and customer retention likely contributed to the widening losses. In contrast, Supermarket Grocery Supplies, the company’s B2B arm which handles procurement and backend operations, recorded a 6.9% drop in its revenue to Rs 2,227 crore in FY25, compared to Rs 2392 crore in FY24. However, its losses narrowed down to Rs 102 crore in FY25 from Rs 128 crore in FY24. The two entities cumulatively clocked Rs 9,900 crore in revenue in FY25 from over Rs 10,277 crore in the previous year ended March 2024. More importantly, losses across both businesses totaled Rs 1,952 crore, marking a significant deterioration from FY24’s performance. The performance slide comes despite years of strategic restructuring. BigBasket has merged BB Daily into its core app, launched its quick commerce vertical BB Now, and initiated backend tech and supply chain upgrades. However, execution delays, coupled with the rapid scale of Blinkit, Instamart, and Zepto, have left it lagging in the under-30-minute grocery race. Tata Digital, which acquired a majority stake in BigBasket in 2021, continues to support the business, holding an 84.23% stake. But with losses now deepening and growth stagnating, the platform’s transition into a sustainable quick commerce engine appears far from complete. As demand shifts towards instant delivery, BigBasket’s ability to stem its B2C bleed while maintaining backend stability will determine whether it can claw back relevance in one of India’s most competitive internet categories.

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