BigBasket FY24 Results: Losses Down By 20%, Revenue Up By 6%

Supermarket Grocery Supplies Private Limited, the B2B branch of Tata-owned quick commerce behemoth BigBasket, reduced its consolidated net loss by 20.7% year on year (YoY) to INR 1,415.2 Cr in fiscal year 2023-24 (FY24) by controlling expenses.

It recorded a loss of INR 1,785.4 crore in the previous fiscal year.

Meanwhile, the company’s top line exceeded INR 10,000 crore during the fiscal year under review. The fast commerce major’s B2B segment reported operating revenue of INR 10,061 Cr in FY24, up 6% from INR 9,468 Cr in FY23.

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BigBasket’s B2B arm reduced its expenses over the fiscal year, with total spending rising only 2% YoY to INR 11,515 Cr in the fiscal year ended March 2024. In FY23, the company’s total expenses were INR 11,284 crore.

Here’s a breakdown of Supermarket Grocery Supplies’ largest cost centers:

• Purchases of stock in trade: Expenses under this heading increased by 4% to INR 8,339 Cr in FY24 from INR 8,016 Cr the previous fiscal year.
• Employee Benefit Expenses: Employee-related costs fell more than 11% to INR 936.5 crore in the fiscal year ending March 2024, from INR 1,060 crore in FY23.
• Advertising and Promotional Expenses: BigBasket’s B2B arm spent INR 330 Cr on advertising expenses in FY24, down 14% from INR 385 Cr in FY23.
• Transportation Distribution Costs: Expenses in this category increased by more than 8% to INR 785.4 crore in FY24 from INR 726.1 crore in the fiscal year ended March 2023.
• Cost Technical Services: Expenses under this category increased 14.4% to INR 142.21 crore during the fiscal year under review, up from INR 124.3 crore in FY23.

Meanwhile, BigBasket’s B2C segment saw its loss decrease by 17% to INR 1,267.2 Cr in FY24, down from INR 1,535.2 Cr in the previous year.

It is worth noting that the financial results of the B2B firm include those of BigBasket’s B2C subsidiary, Innovative Retail Concepts Private Limited.

Supermarket Grocery has several subsidiaries, including Innovative Retail, Savis Retail Private Limited, Delyver Retail Network Private Limited, and Dailyninja Delivery Services Private Limited.

BigBasket was founded in 2011 by Hari Menon, VS Sudhakar, Vipul Parekh, VS Ramesh, and Abhinay Choudhari. It began as a grocery and hyperlocal delivery platform. Tata Digital purchased the online grocer’s majority interest in 2021.

It is important to remember that BigBasket is an online food store that offers three delivery options: one-day delivery BBDaily, quick commerce vertical BBNow, and Slotted Delivery.

Under Tata’s leadership, the platform is transitioning to a rapid commerce model, which it plans to finish by September 2024. Earlier this month, the business allegedly began working on integrating its BBdaily subscription service into its main app as part of a strategy to boost its rapid commerce push.

Aside from quick commerce, BigBasket has been experimenting with corporate tech technologies to improve its delivery across verticals and enable new firms get online. The startup just unveiled BB Matrix, a SaaS-based supply chain tool that helps organizations manage their supply networks for deliveries.