Dunzo posts Rs 1,800 Cr loss in FY23; revenue from operations rises 4.1X: Report
Significant investments in dark stores, advertising, and employee costs led to the company's losses, which surged 3.8X to Rs 1,801 crore in FY23 from Rs 464 crore in FY22.
Grocery delivery and courier service firm has posted a loss of around Rs 1,800 crore in FY23.
However, the company's revenue from operations jumped 4.1X to Rs 226 crore from Rs 54 crore in FY22.
Collection from the sale of traded goods accounted for the largest chunk of the revenue generated, making up nearly 62% at Rs 114 crore of the revenue in FY23, according to a report by Entrackr.
Significant investments in dark stores, advertising, and employee costs led to the company's losses, which surged 3.8X to Rs 1,801 crore in FY23 from Rs 464 crore in FY22, as per the report.
YourStory was unable to independently verify this report.
This comes at a time when the company recently saw a slew of top-level exits.
Ad spend, rent, contracted manpower, liquidation damages, IT cost, legal fees, and other operating overheads raised its overall costs to Rs 2,054 crore in FY23, a nearly 3.86X jump from Rs 532 crore in FY22.
Founded in 2015 by Kabeer Biswas, Ankur Aggarwal, and Mukund Jha, Dunzo started out as a pick-up and drop service, before venturing into the quick commerce space with 19-minute grocery delivery.
Most recently, the firm said it would look to move further into the business-to-business logistics segment, which is expected to drive a majority of the firm's business going forward. In August, YourStory reported that off-role pickers had resumed services in Bengaluru after they received payments they were owed in July.
Edited by Affirunisa Kankudti