Bigbasket is a quick commerce startup that allows users to purchase products across multiple categories. The platform offering grocery deliveries announced a 6.27 percent increase in its operational revenue to Rs 10,061.9 crore in FY24. The startup provides personal care, electronics, and home care products with fruits and vegetables. These delivery services are the company’s primary source of revenue. The startup offers a seamless and secure user experience using advanced technologies.
Entrackr mentioned in its report that the firm also earns its income through processing fees and subscription services by merging BBdaily’s services into its application. The operating revenue for this financial year crossed 97 percent through its sales of grocery products and ancillary services. The firm also made Rs 37.89 crore from gain and interest on financial assets, taking the overall revenue to Rs 10,099.8 crore in FY24.
The company previously secured has raised around $942 million across multiple funding rounds since its inception. This includes $200 million secured during its series G funding round from the Mirae Asset with the participation of Bessemer Venture Partner and other individual investors like Manas Patil.
Bigbasket offers a mobile application and online website for the best user experience. This platform enables customers to order multicategory grocery and daily-use products. The legal, business sourcing, marketing, hosting, and other things contribute to the expense.
However, 71.3 percent of the total expenditure goes to the cost of goods sold and grew the total expenses by 3.4 percent to Rs 8,209.6 crore in FY24. The total expenditure of the firm increased by 2.04 percent to Rs 11,515 crore in the same duration. The employee benefits were around Rs 936.6 crore in the same duration, including Rs 98.5 crore worth of the Employee Stock Option Plan.
The Bengaluru firm aims to improve its business model while offering innovative solutions to strengthen its position in the food and grocery delivery sector. The company plans to control its losses by reducing operating expenses and employee benefits. The employee benefits have increased by 11.7 percent compared to the last year. The EBITDA margin also improved and stood at -9.39 percent while the ROCE stood at -70.62 percent. Bigbasket faces competition from brands in the same sector such as Swiggy, Blinkit, and more.
Conclusion:
The quick commerce startup Big Basket announced a 6.27 percent increase in its revenue from operations to Rs 10,0619 crore in FY24. This company offers food and grocery delivery services through its online platform. The sales of products are the company’s primary source of income. The loss also decreased by 20.73 percent compared to the last year.
The total expenditure of the firm increased by 2.04 percent and crossed Rs 11,515 crore in the same duration. The company plans to reduce its operating expenses on employee benefits to increase its profit and minimize its losses. The company has secured over 942 million USD across multiple funding rounds since its inception. The grocery delivery platform competes with other quick commerce platforms like Blinkit.
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