NEW DELHI: In a race to supremacy, SoftBank-backed Grofers has saw its total income rose by over 56 per cent year-on-year even as it widened its losses to Rs 488 crore in FY19, according to its filings filed with the Corporate Affairs Ministry. For the year ended March 2018, the firm said it posted a net loss of Rs 258.3 crore.
Grofers, which competes with the likes of BigBasket as well as grocery verticals of e-commerce majors such as Flipkart and Amazon, saw its total income grow to Rs 83.62 crore in 2018-19 from Rs 53.47 crore in the previous financial year. "Grofers GMV (gross merchandise value) grew by 300 per cent to reach Rs 2,500 crore in FY19 and we are on track to double it to Rs 5,000 crore in FY20," said Grofers CEO and co-founder Albinder Dhindsa.
"We are now the largest grocery e-commerce company in the country and are preparing to bring the next 100 million customers online by penetrating into hitherto untapped socio-economic segments," he added.
The company is also busy adding funds to its cart. Earlier in May, Grofers had announced a fundraise of over $200 million from new investor KTB, and existing investors Tiger Global Management and Sequoia Capital.