Supermarket Grocery Supplies, the wholesale arm of BigBasket, posted a 34.54% rise in revenue in the year ended March 31, 2018, data sourced from business intelligence platform Tofler showed. The company’s revenue from operations stood at `1,583.15 crore in FY18 against Rs 1,176.66 crore recorded in FY17.
Net losses of the firm narrowed to Rs 310 crore in FY18 compared to losses of Rs 653.41 crore registered in FY17, a decline of 52.51% on year, the documents showed.
The Alibaba Group Holding-backed Big Basket is reportedly in talks to raise close to $200 million as competition intensifies in India’s growing online marketplace. Gurgaon-based Grofers, which also reportedly is in the process of raising funds led by SoftBank Group, is turning to its private label fast moving consumer goods to drive second phase of growth.
According to market intelligence provider Kalagato, BigBasket commanded 35.2% of the online grocery market as of March 2017, followed by rival Grofers at 31.5%.