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The funds will be used to enhance distribution growth, expanding reach into non-metro cities and international markets. It will be also employed for brand-building and marketing initiatives.
Avenue Supermarts, the operator of DMart retail chain, saw sales at its online grocery unit cross Rs 2000 crore in FY23 but losses widened as it expanded into newer geographies. Sales for Avenue E-Commerce (AEL), its online subsidiary was Rs2202 crore, a 32% jump while net loss widened to Rs 194 crore, as per its latest annual report. The online business brand, DMart Ready, had posted a loss of Rs 142 crore on sales of Rs 1667 crore in the previous fiscal year.