Innovative Retail Concepts Private Limited, which operates in the form of online food and grocery stores, commonly known as Bigbasket, reported revenue of Rs 7,119 crore in the 2021-22 financial year, up 17% from the previous financial year.

According to a regulatory filing by business intelligence platform Tofler, the company reported a net loss of Rs 813 crore for the same fiscal year. This is a 300% increase from the previous fiscal year. The company’s total expenditure for the current financial year was reported to be Rs 7,932 crore, a 26% increase from Rs 6,292 crore in FY21.

Tata Digital, a 100% subsidiary of Tata Sons, acquired a majority stake in BigBasket last May at a valuation of $1.8 billion.

Grocery and household products are BigBasket’s (B2C) major revenue generators, accounting for 97% of total operating income. They grew 14% to Rs 6,882 crore in FY22 from Rs 6,037 crore in the previous fiscal (FY21).

Advertising accounted for 2.4% of operating income and was worth about Rs 173.2 crore in FY22. However, this revenue was nil in FY21. FY22 membership revenue, license fee revenue and scrap sales rose 50% to Rs 43.4 crore.
The company’s highest cost is wholesale purchases, which account for about 73% of total spending.

Procurement costs increased from Rs 5,382.5 crore in FY21 to Rs 5,807.3 crore in FY22. Employee benefits grew from Rs 236.7 crore in the previous fiscal to Rs 739.2 crore in FY22.

This year, Innovative Retail Concepts received Rs 350 crore from the holding company Supermarket Grocery Supplies. The investment was approved on May 24 this year, and the company allotted 3.5 crore equity shares.

BigBasket competes with the likes of Amazon, Walmart-owned Flipkart and Reliance-owned JioMart for a share of the online grocery and food market, which is expected to grow to $790 billion by 2024 from $603 billion in 2019, according to analysts.

BigBasket recently said it expects its platform’s gross merchandise value (GMV) to grow 30% to Rs 13,000 crore in the current financial year due to its rapid commercial operations and expansion across the country.

The company will expand offline stores from 90 to 695 within a year, covering 100% of its customer base. Its GMV for 2021-22 is around Rs 10,000 crore. The company plans to expand its footprint to 70 cities from about 37 cities this fiscal year.