Idea Shop Web and Media Private Limited, the company behind the website and loyalty card business Brownpaperbag, has reported revenues of Rs 60 lakhs for the period from October 31st 2015 to March 31st 2015, according to the annual report filed by Zee Entertainment Enterprises Ltd (ZEEL). The company reported a loss of Rs 50 lakhs for that period.
This is the first year that Brownpaperbag results are being disclosed, given that it is now a subsidiary of ZEEL by virtue of India Webportal Pvt Ltd, another ZEEL subsidiary is increasing its stake in Brownpaperbag to 51.04% during the financial year. Mansi Poddar, co-founder of Brownpaperbag, clarified to MediaNama that ZEE had procured 51% of BPB only on October 31, 2015, hence the financials disclosed are only indicative of a five month period.
Zee had increased its shareholding in Brownpaperbag to 38.61% during the financial year ended March 2015. During that year, Zee had put in an investment of Rs 2.1 crore in the company.
Brownpaperbag offers readers curated information on events, product launches, restaurants and things to do, and also has a loyalty card offering called The Coup Card. It covers Delhi, Bangalore and Mumbai, for which it also has the Coup Card.
(Updates: parts of this post have been rewritten, following a clarification from Mansi Poddar)