Quick Commerce

BigBasket

BigBasket lost ₹3,857 Cr across its two operating entities in FY25. In the same year, no bank or NBFC granted a single new secured facility to either entity. The charges register is empty. That combination is what Tata equity looks like on paper.

BigBasket

In the year the BigBasket consumer app posted its widest ever annual loss, it also spent 51% more on ads than the year before. Revenue actually fell. This is the arithmetic of a business trying to buy back the shoppers it used to have.

BigBasket

You order groceries from BigBasket. There is no single company called BigBasket. One entity ran the app and lost ₹1,851 Cr in FY25. The other ran the wholesale side and lost ₹2,007 Cr. Neither is called BigBasket. Both had their worst year on record.

Swish

Swish's first ever audit covers the 9-month period from incorporation on 8 July 2024 through 31 March 2025. The audit captures a year-zero capital architecture in three numbers. Revenue ₹4.05 Cr. Total expenses ₹22.81 Cr. Cash on the balance sheet at year end ₹119.47 Cr. Spent ₹5.64 for every ₹1 earned, ending with 95% of total assets sitting as cash. The seed round, implied at approximately ₹138.55 Cr based on the equity reconciliation, funded the year almost in its entirety; the operating economics had not yet started to scale by year end.

Zepto

Zepto doubled revenue to ₹4,455 Cr in FY2024. Losses moved from ₹1,272 Cr to ₹1,249 Cr, barely changing. On doubled revenue, a flat loss is not a failure. Gross margin went from 3.6% to 22.5% as Zepto stopped subsidising every order. The unit economics are working.