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Innovative Retail Concepts Pvt Ltd, the consumer-facing arm of online grocery retailer BigBasket, has brought down its losses in the financial year 2018 even as it grew its revenues.
The Bengaluru-based company’s net losses for the year ending March 31, 2018 stood at ₹179 crore in FY18, down by a mere 6.2 per cent from ₹191.80 crore in FY17, according to its filings with the Registrar of Companies that was assessed on business intelligence platform Tofler.
The company also witnessed a 30 per cent increase in its net sales at ₹1,410 crore (₹1,090 crore).
In FY17, the company had crossed the ₹1,000-crore-mark by doubling its sales from the previous year even as more and more consumers preferred online to shop for their staples and groceries.
Higher expenses
During 2017-18, the gross expenses of the Alibaba-backed company stood at ₹1,589 crore (₹1,282 crore). Majority of the expenses for the company goes towards promotions and discounts along with operational cost and employee benefit cost, which rose to ₹117 crore in FY18, up from ₹104 crore in previous year.
Innovative Retail Concepts runs the BigBasket property under licence from SuperMarket Grocery, which is a wholesale products supplier to the e-tailer and owns the brand. The company is yet to declare its financials.
BigBasket was one of the first players to have entered the $1-billion online grocery space in India. Other major players are SoftBank-backed Grofers and Amazon.in’s Amazon Now and Amazon Pantry.
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