Tata 1mg FY24: Loss Declines 75% To INR 313 Cr On Business Growth, Fall In Expenses
Tata Digital-owned epharmacy Tata 1Mg saw a sharp reduction in its loss in the financial year that ended March 31, 2024 on the back of revenue growth and decline in expenses👇
The Bengaluru-based startup’s net loss narrowed 75% to INR 313 Cr in the financial year 2023-24 (FY24) from INR 1,254.8 Cr in the previous fiscal year.
Operating revenue rose 21% to INR 1,967.7 Cr during the year under review from INR 1,627 Cr in FY23. The startup’s focus seemed to have been on the bottom line rather than the top line during the year under review.
Its revenue from operations surged 2.6X year-on-year in FY23. The startup primarily earns revenue from sales of medicines, and offering lab and diagnostics test services. Besides, it also generates revenue from its loyalty programme.
Tata 1mg’s revenue from sale of products rose 25% to INR 1,615 Cr in FY24 from INR 1,290 Cr in the previous year.
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Credit - Inc42 Media