According to Tata Sons’ annual report, sales more than doubled to Rs 420.51 crore from Rs 204.35 crore in FY23, while losses for Tata Digital, the company’s e-commerce division, narrowed to Rs 1,200.82 crore from Rs 1,370.09 crore in FY23.
A gross merchandise value (GMV) of Rs 37,355 crore was recorded by the corporation. This year, the company processed transactions from 20.76 million clients.
According to the research, the financial services industry had notable expansion, with 1.18 million co-branded credit cards issued, making it the fastest-growing co-branded credit card in India.
According to the report, NeuPass has experienced significant expansion, boasting a substantial member base of 116.4 million.
The biggest e-grocery platform in the nation, Bigbasket, also showed a decrease in losses for FY24, coming in at Rs 128 crore as opposed to Rs 215.21 in FY23. For FY24, revenue increased by 5.7% to Rs 2,391.83 crore. Bigbasket declared a Rs 2,261.28 crore turnover for FY23.
Tata 1mg Technologies made a profit of Rs 22 crore in FY24, marking their positive turn. This stems from an FY23 loss of Rs 694 crore.
The reason for the increase in Tata Digital’s financial performance is that its new CEO, Naveen Tahilyani, who took over in February of this year, not only tightened the company’s cost structure but also made it more agile and business-focused.
Tata Digital’s FY24 losses narrow to Rs 1,200 crore, revenue doubles | Company News
