SoftBank-backed online grocery firm Grofers India saw its losses widening by 19.2% in FY17 at Rs 268.3 crore, according to filings with Registrar of Companies (RoC) and data platform Tofler.
SoftBank-backed online grocery firm Grofers India saw its losses widening by 19.2% in FY17 at Rs 268.3 crore, according to filings with Registrar of Companies (RoC) and data platform Tofler. The online firm’s revenue from operations during the year increased 65% at Rs 13.2 crore.
The company posted more than two-fold growth in other income to `20.6 crore in FY17. Other income largely includes earnings from fixed deposit interest and other investments. This is also a reason behind Grofers posting 137% jump in total revenue at `33.9 crore in FY17.
The numbers are the standalone financials of Grofers India and does not include earnings from its other three subsidiaries. When contacted Albinder Dhindsa, founder and CEO, Grofers India, declined to comment.
Grofers India’s marketing and advertising expenditure rose 41.5% to Rs 103.5 crore, while total employee benefit expenditure increased 68.4% to Rs 90 crore in FY17.
In March Grofers raised $61.6 million (Rs 400 crore) in Series C funding. The round was lead by SoftBank, while other existing investors including Tiger Global and Russian billionaire Yuri Milner-backed fund Apoletto Asia also participated. So far total fund raised by Grofers stands at $226.5 million.
Prior to this the company in October 2017 received `96 crore from its Singapore-based parent Grofers International. In November 2015, Grofers raised $120 million from SoftBank, Russian entrepreneur Yuri Milner besides Tiger Global and Sequoia Capital.