Hyperlocal-cum-E-grocers Grofers had a topsy-turvy 2016 during which the Softbank-backed company laid off 10% of its staff and trimmed its operations. However, the company’s financials have taken a turn for the better.
While the company is currently clocking a loss of Rs 12 crore per month, revenues are in the region of Rs 11.7 crore per month. In July last year, the company was losing Rs 7.2 crore every month on revenues of Rs 4.8 crore.
Grofers India, has reported a loss of Rs 225 crore on the back of revenue of Rs 14.3 crore in FY16. While the e-grocery firm has seen a slight increase in the daily number of orders at about 15,000 compared to the 13,000-14,000 orders last year, as per the firm, it is the 45% jump in daily order value which has been a key factor driving the improvement in the finances.
Grofers last raised fresh funds in November 2015. At the time it received $120 million in fresh funds largely from Japan’s SoftBank. Other investors including Russian entrepreneur and venture capitalist Yuri Milner, Tiger Global and Sequoia Capital also participated in the round.
Grofers India is a new entity formed in June 2015, and with the earlier company called Locodel Solutions transferring its entire business to the former, the financial of FY 16 cannot be compared to that of FY15.