1. Grofers reports Rs 3.9-crore loss in first full year of operations

Grofers reports Rs 3.9-crore loss in first full year of operations

Locodel Solutions-promoted hyperlocal delivery platform Grofers reported a net loss of R3.9 crore in FY 15, its first full year of operations, according to a filing with the registrar of companies.

By: | New Delhi | Published: January 1, 2016 12:20 AM

Locodel Solutions-promoted hyperlocal delivery platform Grofers reported a net loss of R3.9 crore in FY 15, its first full year of operations, according to a filing with the registrar of companies. During the period, the company’s total revenue stood at R86 lakh, of which R73 lakh was the operating revenue.

Grofers had pegged its valuation at $110 million, as on April 2015. The company had a three-month operation during FY14, during which its total revenue revenue were at R1.8 lakh on which it posted a net loss of R2.85 lakh.

In FY15, the Gurgaon-based mobile platform earned an interest income of R38,515, a gain on its sale of investment of R1.28 lakh and non-operating income of R26,302, which scaled its other income to R1.34 lakh. In October, Grofers had acqui-hired Townrush and Spoonjoy. A company spokesperson said that going forward, Grofers is looking at exclusive partnership with brands to beef up its marketing and advertising activities to support revenues in a low-margin game.

Despite a gloom in the food-tech industry with mass lay-offs and delivery platforms such as Eatlo and Localbanya shutting shop, Grofers has successfully secured $165-million worth of funding till date. In February, it garnered $10 million and an additional $35 million in April from Sequoia capital and Tiger Global. In the most recent round of funding, Grofers raised $120 million led by SoftBank and Yuri Meliner, while existing investors Sequoia capital and Tiger Global also participated.

Meanwhile, its rival in the grocery segment, Peppertap, which completed one year of operations earlier this December, concluded Series B of funding in which its raised a total of $40 million. It was led by e-commerce player Snapdeal, Innoven Capital, Sequoia Capital, SAIF Partners, Ru-Net, Beenext and JAFCO Asia and. It lags Grofers with just $50 million worth of funding till date. Peppertap has not released its financials for the FY15.

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