Avenue Supermarts, which operates the retail chain D-Mart, reported that its online sales crossed the Rs 2,000 crore mark during the 2023 financial year. However, the business also saw its losses increase as it focused on expansion into new locations.
“During the financial year 2022 – 23, it expanded its service coverage to include 10 more cities- including Chandigarh, Jaipur, Chennai, and Ghaziabad,” said the business in its report, ET Retail reported. “Our current service footprint includes a total of 22 cities. Avenue Supermarts has invested about Rs 713 crore in its online subsidiary that started operations six years ago.”
Avenue Supermarts’ online focused subsidiary Avenue E-Commerce runs D-Mart’s online brand D-Mart Ready. The business reported a revenue total of Rs 2,202 crore in the 2023 financial year, which represented a 32% year-on-year increase. Losses totalled Rs 194 crore last fiscal compared to Rs 142 crore in the 2022 financial year.
“Since FY2017-18, we have more than doubled our store count to 324 despite the outbreak of the pandemic in 2020,” said Avenue Supermarts’ chairman Ramesh Damani in the business’ annual report, the Economic Times reported. “Our strong belief in our business model and focused execution have driven this steady growth.”
D-Mart’s online business offers a hybrid model where shoppers can order products to local pick up points. The business also delivers from local delivery centres.
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