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Indian B2B ecommerce firm cuts losses as revenue falls 49%
ElasticRun, a B2B ecommerce solutions provider, reported a 49% decline in operating revenue for the financial year ending March 31, 2024 (FY24).
Revenue fell to 2,434.8 crore rupees (US$285.6 million) in FY24, down from 4,738.0 crore rupees (US$555.7 million) in the previous fiscal year.
This revenue decrease coincided with a 42% reduction in net losses, which narrowed to 359.6 crore rupees (US$42.3 million).
Total expenditures also fell by 47%, reaching 2,904.4 crore rupees (US$340.7 million) in FY24.
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