Chinese pet platform Boqii announces last quarter’s results
Boqii grew 23.1% in its last fiscal quarter to $43.8 million (€38.57M) in revenue.
Its active buyers grow to 1.6 million, while total gross merchandise volume – or the value of all orders processed through the platform – was $107.5 million (€94.67M).
Mr. Hao Liang, Boqii’s Founder, Chairman and Chief Executive Officer commented, “We maintained strong topline growth in the second quarter of Fiscal 2022. As the company continues to expand its offering and drive customer engagement, number of active buyers grew by 23.5% year over year. In addition to our organic business growth, we announced a strategic partnership with Yongle Huazhu in October, to provide pet-friendly stays in its Blossom House hotels. This partnership further demonstrates our dedication to providing all-round user care. We look forward to working with more partners to enhance our service portfolio, better address growing needs in our user communities, and lead accelerated growth for all.”
Ms. Yingzhi (Lisa) Tang, Boqii’s Co-Founder, Co-CEO and CFO, stated, “We generated healthy revenue growth of 23.1% year over year this quarter. Continuous growth momentum from online marketing, information services, and other revenue once again exhibited the strength of our vertical platform and unique value propositions to other players in the industry chain. Our improved gross margin also demonstrated our ability to achieve high-quality topline growth. Looking ahead, we will remain committed to serving both our growing customer base and industry partners with seamless experience and elevated efficiency, and look forward to further strengthening our core capabilities to better capture the immense opportunities in the pet industry.”
Despite the Chinese online platform’s growth, the company is losing money. This last quarter, its net loss was $6.9 million (€6.08M).