BigBasket vs JD.com: Revenue, Profit and Business Model
BigBasket had ~$1.2B of annual revenue in FY2026 and a net loss of ~$368.3M. JD.com had ~$182B of annual revenue in FY2025 and ~$3.2B of net income.
Latest financial snapshot
Financial summary
BigBasket
BigBasket reports through two companies. Innovative Retail Concepts, the consumer business, grew revenue 7.7 percent to ~$954 million (₹8,223 crore) in FY2026 while its loss rose 66 percent to ~$356 million (₹3,073 crore). Supermarket Grocery Supplies, the B2B and procurement arm, made ~$267 million (₹2,298 crore) and lost ~$11.8 million (₹102 crore). Combined, the two reported ~$1.22 billion (₹10,521 crore) of revenue and ~$368 million (₹3,175 crore) of losses, against ~$1.14 billion (₹9,861 crore) and ~$226 million (₹1,952 crore) a year earlier, according to Tata Sons' FY2026 annual report. On a consolidated basis the parent reported ~$1.14 billion (₹9,866.7 crore) of operating revenue and a ~$233 million (₹2,006.8 crore) loss in FY2025. The last priced equity round was $200 million at a $3.2 billion valuation in December 2022. Tata Sons hired Citi and Moelis in 2025 to look for outside investors, but in May 2026 Parekh said BigBasket was not raising external capital for now, leaving Tata Digital to fund it.
JD.com
JD's revenue grew from ~$35.9 billion (RMB258.3 billion) in 2016 to ~$182 billion (RMB1,309.1 billion) in 2025. Profitability has been thin but improving in core retail: JD Retail's 2025 operating margin rose to 4.6%, the sixth straight year of expansion. Group profit fell in 2025, however, because of food-delivery spending: net income attributable to shareholders was ~$2.72 billion (RMB19.6 billion) versus ~$5.75 billion (RMB41.4 billion) in 2024, and non-GAAP net income was ~$3.75 billion (RMB27.0 billion) versus ~$6.64 billion (RMB47.8 billion). In 2026 the picture shifted toward margin over growth. Q1 2026 revenue rose 4.9% to ~$43.9 billion (RMB315.7 billion), while Q2 2026 revenue fell 2.9% to ~$48.1 billion (RMB346.4 billion) on a high base from 2025 trade-in subsidies, yet non-GAAP net income climbed 20.8% to ~$1.24 billion (RMB8.9 billion) as food-delivery losses narrowed by more than half. JD also repurchased about US$3.0 billion of shares in 2025, roughly 6.3% of shares outstanding. JD.com, Inc. (also known as Jingdong) is a colossal Chinese e-commerce company and massive retailer, maintaining a market valuation typically over $35 billion.
Revenue and profit by year
BigBasket
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$1.2B | ~-$368.3M | -30.2% | +6.7% | Source |
| FY2025 | ~$1.1B | ~-$226.4M | -19.8% | -4.0% | Source |
| FY2024 | ~$1.2B | ~-$161.8M | -13.6% | +6.0% | Source |
| FY2023 | ~$1.1B | ~-$203M | -18.1% | +10.1% | Source |
| FY2022 | ~$1B | ~-$114.8M | -11.2% | — | Source |
| FY2020 | ~$442.9M | ~-$82.2M | -18.6% | +36.3% | Source |
| FY2019 | ~$325M | ~-$65.2M | -20.1% | — | Source |
JD.com
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$182B | ~$3.2B | 1.8% | +13.0% | Source |
| FY2024 | ~$161.1B | ~$6.2B | 3.9% | +6.8% | Source |
| FY2023 | ~$150.8B | ~$3.2B | 2.1% | +3.7% | Source |
| FY2022 | ~$145.4B | ~$1.3B | 0.9% | +9.9% | Source |
| FY2021 | ~$132.3B | ~-$620.9M | -0.5% | +27.6% | Source |
| FY2020 | ~$103.7B | ~$6.9B | 6.6% | +29.3% | Source |
| FY2019 | ~$80.2B | ~$1.7B | 2.1% | +24.9% | Source |
| FY2018 | ~$64.2B | ~-$389.3M | -0.6% | +27.5% | Source |
| FY2017 | ~$50.4B | ~-$1.6M | -0.0% | +40.3% | Source |
| FY2016 | ~$35.9B | ~-$529.1M | -1.5% | — | Source |
Where the revenue comes from
BigBasket
- Sale of goods
97% (FY2024)
Groceries and household goods bought from brands, wholesalers and farmers, held in BigBasket's own warehouses and dark stores, and sold through its app and website.
- Advertising and membership fees
Not formally reported
Advertising sold to brands and membership fees make up most of the remaining operating revenue.
- Private labels
Not formally reported
Own brands such as fresho, bb Royal and bb Popular, which earn better margins than resold FMCG brands.
JD.com
- Net product revenue (1P retail)
Not formally reported
JD buys electronics, appliances, groceries and general merchandise, stores them in its own warehouses and sells at a retail margin. This is the bulk of revenue.
- Marketplace and marketing services
Not formally reported
Commissions and advertising paid by third-party merchants.
- Logistics services
Not formally reported
JD Logistics sells warehousing, express and freight services to outside companies. Its Q2 2026 revenue rose 24.3%.
- New businesses
Not formally reported
JD Food Delivery, launched in 2025, and international retail. Group revenue was ~$182 billion (RMB1,309.1 billion) in 2025.
Business model and strategy
BigBasket
How it makes money
BigBasket is an inventory-led retailer rather than a marketplace. It buys from brands, wholesalers and farmers, holds the stock in its own warehouses and dark stores, and sells to consumers through the BigBasket app and website.
Growth strategy
Since August 2024 BigBasket has delivered only in 10 to 30 minutes, folding the BBdaily morning subscription and BB Now into one app. Growth now comes from bigger baskets rather than more cities: larger-format dark stores carrying wider ranges, non-grocery categories, and a 10-minute café and food menu piloted in Bengaluru in June 2025 with Tata Starbucks and Qmin, the food platform of Indian Hotels Company.
Competitive advantage
BigBasket's edge is assortment and sourcing built over a decade of scheduled grocery delivery. It owns its inventory, runs procurement through its B2B arm, and sells private labels such as fresho for fruit and vegetables and bb Royal for staples, which earn more than resold brands. Tata ownership adds patient funding and a place in the Tata Neu app alongside Croma, Tata 1mg and Air India.
JD.com
How it makes money
JD.com earns money in four main ways. 1) Net product revenue (1P retail): JD buys electronics, home appliances, groceries and general merchandise from brands, stores them in its own warehouses and sells at a retail margin. This is the bulk of group revenue. 2) Marketplace and marketing services: third-party (3P) merchants pay commissions and buy advertising on JD's app.
Growth strategy
JD is pushing beyond online retail into instant commerce and food delivery (launched February 2025), offline electronics stores (26 JD MALL stores by end-2025), external logistics customers through JD Logistics and its LangzuTech automated warehouses (20+ sites in nearly 20 cities by end-2025), and Europe, where it replaced its Ochama brand with Joybuy in 2025, launched the Joybuy marketplace in the UK, Germany, Fran…
Competitive advantage
JD's main edge is its owned supply chain. Because it holds its own inventory and runs its own warehouses and couriers through JD Logistics, it can promise authentic goods and same-day or next-day delivery in much of China, which matters most for high-value electronics and appliances. Its scale with brands like Apple, Haier and Midea also gives it purchasing power that marketplace-only rivals do not have.
Questions about BigBasket vs JD.com
Which company has higher revenue — BigBasket or JD.com?
BigBasket had ~$1.2B (FY2026), while JD.com had ~$182B (FY2025). By latest annual revenue, JD.com is the larger business, with BigBasket showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of BigBasket vs JD.com?
JD.com has a market capitalisation of $35.0B. A public market cap figure for BigBasket was not available (it may be privately held).
How does revenue per employee compare for BigBasket and JD.com?
BigBasket has $21k / employee in revenue per employee, while JD.com has $234k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do BigBasket and JD.com make money?
BigBasket and JD.com generate revenue in fundamentally different ways. BigBasket: BigBasket is an inventory-led retailer rather than a marketplace. JD.com: JD.com earns money in four main ways.
Is BigBasket bigger than JD.com?
By last reported revenue, JD.com (~$182B (FY2025)) is the larger company compared to BigBasket (~$1.2B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BigBasket vs JD.com overview