Grofers reports increased income, narrowed standalone losses in FY18

By

Isabelle Crossley

Published
Feb 22, 2019

Grofers, which retails fast moving consumer goods products including cosmetics and personal care items, has reported narrowed standalone losses and a higher income in the previous 2018 financial year.

Grofers, a business backed by SoftBank, reported standalone losses of Rs 258.3 crore ($38.83 million) for the 2018 financial year down from losses of Rs 268.3 for the 2017 financial year, according to regulatory documents filed by the business. Grofers also reported a 57.5 percent increase in revenue in the 2018 financial year compared to the year before. The business’ revenue totalled Rs 53.4 crore in the 2018 financial year and Rs 33.9 crore the year before.

"At Grofers, we are pleased with our year-on-year growth trajectory,” the business’ founder, Saurabh Kumar, told the Press Trust of India. “We have been witnessing surge in revenue, while the operating losses have plummeted. Our GMV [gross merchandise value] has increased by 150 per cent from FY2016-17 to FY2017-18."

Kumar also stated that he is confident that Grofers can sustain this momentum and continue to grow in the current 2019 financial year. The business aims to reach a revenue total of $2.5 billion by 2020 fuelled by a massive expansion of private label goods.