Online grocery firm Grofers has announced that its revenues for the financial year 2019-20 increased 111 percent over the previous financial year to Rs 177 crore. The SoftBank-backed company’s net losses widened to Rs 637 crore, a 42 percent rise over the last financial year.
The e-commerce platform’s total expenses for the fiscal were reported as Rs 814 crore, a 53 percent increase over the previous year.
Grofers closed last year with about 12,000 store partners, an increase of five thousand partners pre-covid, as consumers across India’s cities and small markets switched to online platforms for shopping, amid lockdowns, fear of the coronavirus, and competitive value deals offered by e-commerce platforms.
The Gurugram-based firm competes with Reliance JioMart, Amazon, Flipkart, and Big Basket in the intensely competitive online grocery space.