Innovative Retail, which runs BigBasket, has more than doubled its business to cross the Rs 1,000-crore sales mark in FY17, indicating the growing preference for online grocery-shopping in India despite sluggish trends in the broader consumer market.
Innovative Retail reported revenues of Rs 1,090 crore in the year to March 2017, translating into a 107% jump from ?527 crore a year ago. Losses increased to Rs 191 crore last fiscal, compared to Rs 103.4 crore in FY16. BigBasket has two operating entities. Supermarket Groceries sources products from companies and sells them to Innovative Retail, which in turn runs the consumer-facing portal and makes the last-mile delivery to comply with the norms on foreign direct investment (FDI) in direct online retail.