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Tata Group infuses more funds into e-com venture CLiQ

Dec '19
Pic: Shutterstock
Pic: Shutterstock
India’s Tata Group has infused ₹231 crore into its e-commerce unit Tata CLiQ this fiscal and raised authorised its share capital from ₹1,150 crore to ₹1,500 crore, indicating more funds will be infused into the business, according to latest regulatory filings made to the Registrar of Companies (RoC) by Tata Unistore, the entity which owns and runs Tata CLiQ.

“Considering the funding requirements of the company to enable it to run its business effectively are intended to be mobilised through the issue of the equity shares of the company, the board of directors have recommended that the authorised share capital of the company to be increased from ₹1,150 crores to ₹1,500 crores,” Tata Unistore said in its filings.

Tata Industries Ltd is the parent entity.

Analysts said the company is not generating enough cash to sustain itself and hence increasing the share capital, according to a report in a top business daily.

Going by the current trend, by September 2020, the Tatas may infuse around ₹280 crore further into the company, said Mohit Yadav, founder of Veratech Intelligence, which analysed Tata Unistore’s RoC filings.

Tatas have been consistently ploughing money into the ecommerce business. In 2018-19, Tata Industries invested ₹292 crore, ₹224 crore was invested in fiscal 2017-18 and another ₹172 crore in 2016-17. The business has seen losses mounting every year. As per RoC filings, Tata Unistore net losses jumped 18 per cent to ₹246.75 crore in 2018-19, while it more than doubled total income to ₹110.75 crore. In FY18, Tata Unistore’s net loss was ₹208.4 crore, while total income was ₹41.7 crore.

Fibre2Fashion News Desk (DS)

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