Overview
- The consolidated net loss widened to 4.91 billion rupees for the quarter ended Dec. 31 from 374.3 million a year earlier.
- Total expenses climbed 44% to 40.71 billion rupees, with higher advertising and the accelerated scaling of the Valmo logistics platform cited by the company.
- Revenue rose nearly 32% to 35.18 billion rupees as NMV increased 26% to 109.95 billion and annual transacting users reached 251 million, up 34%.
- Shares closed nearly 3% higher ahead of the release and are up about 7% since the Dec. 10 market debut.
- The SoftBank RIC- and Peak XV-backed retailer targets low-priced goods without charging seller commissions in a market led by Amazon and Flipkart, supported recently by a rebound in demand tied to tax cuts and festive spending.