In FY21 BlinkIt (previously known as Grofers) revenue crosses 2,700 Cr; losses pile up to Rs 6,127 Cr
- ByStartupStory | March 24, 2022
Last August, BlinkIt (previously Grofers) had pivoted from an inventory-led monthly stock-up platform to a ten-minute grocery delivery service. As an investor on BlinkIt’s captable the pivot brought Zomato on board but it has been burning money at a rapid clip in order to compete with other players like Zepto and Swiggy Instamart.
Amidst the turbulence, for the fiscal ended in March 2021 BlinkIt’s Singapore-based parent has filed their annual statements, with its traditional inventory-led model under the moniker of Grofers, the last year of operations for the company during which it still operated.
It has managed to grow its scale by 26.2% during the last fiscal year (FY21), while the impact of pivot on BlinkIt’s business will be evaluated when the company files its FY22 results. Its revenue from operations grew from Rs 2,160 crore in FY20 to Rs 2,725 crore in FY21, making it the highest-grossing fiscal for a decade-old firm.
Blinkit was operating in a hybrid model, selling its self-branded grocery as well as acting as a sales channel for other prominent FMCG brands in India, before August 2021.
During FY21, compared to sales of Rs 1,947.5 crore in FY20 around 90.5% of the company’s revenue came via sales of goods which grew by 26.6% to Rs 2,464.82 crore.
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