 "Tata Digital narrows losses; Bigbasket thrives with rising revenue, while Tata 1MG turns profitable amidst strategic restructuring.")
In FY24, Bigbasket, India’s leading e-grocery platform, reported a revenue increase of 5.7%, reaching Rs 2,391.83 crore, compared to Rs 2,261.28 crore in FY23. The company also narrowed its losses to Rs 128 crore from Rs 215.21 crore the previous year. Tata Digital, the e-commerce division of Tata Sons, saw its losses shrink to Rs 1,200.82 crore, while revenue nearly doubled to Rs 420.51 crore. The gross merchandise value reached Rs 37,355 crore with 20.76 million active customers. Additionally, Tata 1MG Technologies turned profitable with a profit of Rs 22 crore, highlighting a stronger financial outlook for the company under new CEO Naveen Tahilyani, who implemented cost-saving measures.
Title: Bigbasket Reports Growth as Tata Digital Narrows Losses in FY24
Tata Digital, the ecommerce division of Tata Sons, has shown remarkable improvement in its financial performance for the fiscal year 2024. The company narrowed its losses to Rs 1,200.82 crore compared to Rs 1,370.09 crore in the previous year, according to their latest annual report. Revenue almost doubled, rising from Rs 204.35 crore in FY23 to Rs 420.51 crore in FY24. With a gross merchandise value (GMV) of Rs 37,355 crore, Tata Digital served 20.76 million transacting customers this year.
Furthermore, the financial services sector within Tata Digital experienced a boom, particularly with co-branded credit cards, which reached 1.18 million—making it the fastest-growing card in India. The NeuPass program also saw substantial growth, now boasting a membership of 116.4 million.
Meanwhile, Bigbasket, India’s leading e-grocery platform, reported a smaller loss of Rs 128 crore for FY24, down from Rs 215.21 crore in FY23. The company achieved a revenue increase of 5.7%, totaling Rs 2,391.83 crore for FY24, compared to Rs 2,261.28 crore the previous year.
In a noteworthy highlight, Tata 1MG Technologies turned from a loss of Rs 694 crore to a profit of Rs 22 crore in FY24, showcasing a significant turnaround. This improved performance comes as new CEO Naveen Tahilyani, who took over in February, implemented cost structure changes and streamlined operations, enhancing the company’s focus and agility.
With these developments, Tata Digital and its subsidiaries are positioning themselves for a stronger future in the competitive ecommerce landscape.
Tags: Bigbasket, Tata Digital, ecommerce, financial performance, FY24 results, revenue growth, losses narrowed, India, online grocery, Tata 1MG Technologies.
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What was Tata Digital’s loss in FY24?
Tata Digital’s loss in FY24 was Rs 1,200 crore. -
Did Tata Digital’s revenue also change?
Yes, Tata Digital’s revenue doubled compared to the previous year. -
Why is it important that losses narrowed?
Narrowing losses can show that the company is improving and getting closer to making a profit. -
What might have caused the revenue to double?
The increase in revenue could be due to more customers, better services, or new products. - How does this news affect Tata Digital’s future?
This news is a positive sign that Tata Digital is on the right track, which may attract more investors and help the company grow.
