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Tata Digital logs Rs 37,355 crore aggregate GMV in FY24, as turnover rises, loss narrows

Economic Times

Economic Times · 10m ago

Tata Digital logs Rs 37,355 crore aggregate GMV in FY24, as turnover rises, loss narrows

Tata Digital, the ecommerce arm of the Tata Group, reported a gross merchandise value (GMV) of Rs 37,355 crore in FY24. The super app Tata Neu had 20.76 million transacting customers during the year. Additionally, Tata Digital expanded its offerings by launching food delivery and its co-branded credit card reached 1.18 million issued cards. The company's total turnover doubled to Rs 420.5 crore, while losses narrowed. Tata 1mg achieved profitability, while BigBasket and 1mg narrowed their losses. Tata Digital is developing a 'value fashion' offering to compete with Flipkart, Amazon India, and Ajio.

Related News

BigBasket B2B arm's loss widens 21% in FY23; turnover at Rs 2,261.3 crore

Economic Times

Economic Times · 1y ago

BigBasket B2B arm's loss widens 21% in FY23; turnover at Rs 2,261.3 crore

The unit also registered a turnover of Rs 2,261.3 crore for the fiscal year. In FY22, the unit’s losses stood at Rs 177.9 crore, while its operating revenue was Rs 1,707.2 crore. BigBasket’s parent entity Tata Digital is a part of Tata Sons.

Tata Motors Results 2024 Updates: Net profit rises 222%, declares dividend

Livemint

Livemint · 1y ago

Tata Motors Results 2024 Updates: Net profit rises 222%, declares dividend

Tata Motors reported a significant increase of 222% YoY in its net profit for the quarter ending March 2024, reaching ₹17,407.18 crore. The company experienced a notable surge of 13.3% in consolidated revenue, amounting to ₹1,19,986.31 crore. Tata Motors also declared a final dividend of ₹6 per share. The domestic passenger vehicle sales reached a record high of over 4.2 million units in FY24, with SUVs and emission-friendly powertrains driving the growth. The company recorded its highest-ever turnover and profits in FY24.

Tata Play net loss narrows to ₹35.38 crore in FY24 as it beefs up streaming business | Mint

Livemint

Livemint · 11m ago

Tata Play net loss narrows to ₹35.38 crore in FY24 as it beefs up streaming business | Mint

Tata Play, previously called Tata Sky, reported a reduced consolidated loss of INR 35.38 crore ($4.8 million) in FY24 compared to INR 105.25 crore the previous year. Revenue from operations decreased by 4.32% to INR 4,327.07 crore. The DTH platform cited intensified competition within the industry and the implementation of New Tariff Order 3.0 as key challenges. Tata Play is focusing on expanding its OTT offerings and has collaborated with Amazon Prime, as well as joined forces with Akash Digital TV to launch an OTT service in Bangladesh. Meanwhile, parent company Walt Disney Co. is struggling to sell its 30% stake in Tata Play.

Bottomline: CarDekho parent Girnar's revenue slips in FY24 but loss narrows too

VCCircle

VCCircle · 10m ago

Bottomline: CarDekho parent Girnar's revenue slips in FY24 but loss narrows too

CarDekho parent company, Girnar Software, experienced a slight decrease in revenue for FY24, but also managed to reduce its net loss. The Jaipur-based company's revenue dropped by 1.3% to Rs 2,300 crore from Rs 2,331.8 crore. Despite this decline, Girnar Software was able to narrow its net loss significantly.

Nykaa’s bet on new-age beauty pays off

YourStory

YourStory · 10m ago

Nykaa’s bet on new-age beauty pays off

Beauty marketplace operator Nykaa reported strong growth in gross merchandise value (GMV) from its beauty-owned brands, reaching Rs 1,095.4 crore in FY24. This accounted for 13% of the overall beauty GMV. New-age brands like Dot & Key and Kay Beauty contributed to this growth. Nykaa's other businesses, including Nykaa Man and Superstore by Nykaa, also performed well, clocking GMV of Rs 835.3 crore in FY24, a 59% increase over the previous year. Nykaa Fashion contributed 27% to the platform's GMV, with revenue of Rs 530.2 crore in FY24. Overall, the company's consolidated net profit for FY24 was Rs 32.2 crore.

Paytm Q3: Loss narrows 43% YoY to INR 222 Cr, Sales jump 38%

Inc42 · 1y ago

Paytm Q3: Loss narrows 43% YoY to INR 222 Cr, Sales jump 38%

Fintech giant Paytm reported a 43% decrease in net loss to INR 222 Cr in Q3 FY24 compared to INR 392 Cr in the same period last year, driven by a significant increase in revenue from merchant payment services. Operating revenue surged 38% to INR 2,850 Cr in the reported quarter. Paytm attributed its revenue growth to accelerated gross merchandise value (GMV) growth, higher device additions, and growth in its financial services business. The company also saw a 56% YoY increase in loan disbursements during the quarter.

Uber India logs 41% rise in operating revenue at Rs 3,762 crore; loss narrows 71%

Economic Times

Economic Times · 3m ago

Uber India logs 41% rise in operating revenue at Rs 3,762 crore; loss narrows 71%

Ride-hailing firm Uber's operating revenue in India increased by 41% to Rs 3,762 crore in FY24, reducing losses by 71% to Rs 89 crore. Revenue from its ride-hailing services surged by 19%, while support services grew significantly. Total expenses rose by 26%, with employee benefits accounting for a substantial portion. Uber is reportedly in talks to acquire rival BluSmart, highlighting potential industry consolidation. Rivals Ola and Rapido have seen varying revenue changes in the same period.

Tata Digital appoints MobiKwik's Mukul Saxena as its CBO

IndianStartupNews

IndianStartupNews · 1y ago

Tata Digital appoints MobiKwik's Mukul Saxena as its CBO

Tata Digital has appointed Mukul Saxena as its Chief Business Officer (CBO). Saxena joins Tata Digital from Mobikwik and will be responsible for leading the product, P&L, and new initiatives in the fintech business of the company. Tata Digital, the ecommerce arm of Tata Group, has seen a significant increase in revenue for FY23, reaching Rs 204.35 crore. However, it also experienced a loss of Rs 1,370 crore on a standalone basis.

Eruditus FY24 Ebitda loss narrows, founder cites focus on profitability

Economic Times

Economic Times · 3m ago

Eruditus FY24 Ebitda loss narrows, founder cites focus on profitability

Eruditus, the executive education startup backed by SoftBank, reported slower revenue growth of 12% to Rs 3,733 crore in FY24 but significantly reduced its operating loss to Rs 69 crore from Rs 417 crore in the previous year. Founder Ashwin Damera attributed this improvement to decreased marketing expenses and the pruning of less successful courses. The company aims for 15% growth in FY25, focusing on its enterprise and India businesses, which are expanding at 40% annually.

Udaan logs lower net loss, flat operating revenue in FY24

Economic Times

Economic Times · 8m ago

Udaan logs lower net loss, flat operating revenue in FY24

Bengaluru-based B2B ecommerce platform, Udaan, reported nearly flat operating revenue growth of Rs 5,707 crore in FY24, following operational restructuring to reduce losses. The company's net loss for the year narrowed by almost a fifth to Rs 1,674 crore. Udaan reduced its staff costs by 35% YoY to Rs 643 crore and made cuts in other expense areas. Sale of traded goods accounted for over 98% of the revenue. The company's founders have stepped back from operational roles but remain on the board. Udaan may secure $80-100 million in funding from M&G Prudential.

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