Tata Digital standalone FY23 revenue grows 13 times to Rs 204 crore, loss up 23%

Tata Digital, which homes ecommerce superapp Neu, has recorded a standalone income of Rs 204.35 crore in FY23, rising near 13 instances in comparison with the earlier 12 months, as per Tata Sons annual report. On a standalone stage, the unit recorded a lack of Rs 1,370 crore – a bounce of round 23%.

Tata Digital is the ecommerce arm of the Mumbai-based salt-to-aviation main which homes digital property akin to egrocery agency BigBasket and on-line pharmacy 1mg, in addition to its personal digital choices like Tata Cliq, Croma and others.

Neu, launched with a lot fanfare in 2021, was pitched as a challenger to greater incumbents like Walmart-owned Flipkart and Amazon India in addition to Reliance Industries’s Jio Mart.

The above talked about numbers don’t embody any of the subsidiaries. At a consolidated stage, Tata Digital reported a income of Rs 15,979 crore in monetary 12 months 2022 from Rs 5,315 crore within the earlier monetary 12 months (FY21).

While the superapp confronted a number of glitches on its debut, Tata Digital has revamped it now as a part of a restructuring underway on the agency. It not too long ago employed Gopal Asthana as new CEO for style business Tata Cliq, as reported by ET on June 23.

ETtech reported earlier on FY23 financials of BigBasket’s B2B arm and 1mg as effectively.

Croma–one of many largest companies on Neu, reported a turnover of Rs 15,851 crore in FY23 together with a lack of Rs 325 crore through the interval beneath evaluate. Cliq, however, posted a income of Rs 78.5 crore in FY23 together with a lack of Rs 175 crore, as per the annual report.During the 12 months, Tata Digital additionally introduced Cliq and Croma beneath its arm, consolidating key property beneath the ecommerce unit. In an interview with ET on June 5, Tata Digital CEO Pratik Pal had stated Tata Sons invested greater than $2 billion in Tata Neu, which has seen a surge in business with the revamped Neu within the recently-concluded Indian Premier League (IPL) this 12 months.

“We have reached 75 million NeuPass members and 60 million cumulative installs. Almost 60% of our customers are repeat customers while multi-category customers have increased from less than 10% a year back to over 25%,” Pal had stated in June.

In March this 12 months, serial entrepreneur Mukesh Bansal formally left Tata Digital after first taking a step again from day by day operations in January, as reported by ET.

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