Grofers’ Loss Narrows To Rs 258.3 Crore In Last Fiscal
SoftBank-backed Grofers’ standalone loss narrowed to Rs 258.3 crore in the financial year 2017-18 from Rs 268.3 crore a year ago, according to the regulatory documents filed by the company.
Income of the company, which competes with the likes of BigBasket as well as grocery verticals of e-commerce majors such as Flipkart and Amazon, was higher by 57.5 percent over the last year to Rs 53.4 crore in 2017-18, the document sourced by business intelligence platform Tofler showed.
“At Grofers, we are pleased with our year-on-year growth trajectory. We have been witnessing a surge in revenue, while the operating losses have plummeted. Our gross merchandise value has increased by 150 percent from FY17 to FY18,” Grofers founder Saurabh Kumar told PTI.
He said with these economies of scale combined with robust growth prospects of the business, the company is confident about strengthening this momentum.
In December, Grofers had said it aims to garner $2.5 billion (around Rs 17,500 crore) in revenue by 2020 as it scales up its private label offerings in the country and focuses on expanding repeat purchases in its platform.
The company, which completed five years of operations, had a revenue run rate of over $360 million (about Rs 2,500 crore) around that time.