Grocery delivery firm Picnic reported a €44.8 million loss in its operations in the Netherlands and Germany in 2020, according to local media reports, however turnover at the business nearly doubled to €455 million.
News portal rtlnieuws.nl reported the company's 2020 figures, citing its most recent annual accounts, which were made public on Friday.
The full-year loss for 2020 follows on from a €49 million loss the company reported in 2019.
However, Picnic has continued with its growth agenda, commencing operations in France last year, and seeing a capital injection of around €600 million from investors in September 2021, led by The Bill & Melinda Gates Foundation Trust.
This followed on from a €100 million investment in 2017 and a €250 million investment in 2019, rtlnieuws.nl reported.
In the Netherlands, Picnic reported a turnover of €377 million in 2020, which was 80% higher on the previous year, while in Germany, turnover stood at €78 million, which is 3.5 times that of the previous year.
In addition, Picnic's full-time workforce increased from 510 to 937 over the course of the year.
Picnic was founded in July 2015 in Amersfoort, in the Netherlands, with an initial fleet of 12 delivery vans. By 2017, the company had expanded to cover all of the country, and followed this with the opening of its Germany hub in April 2018. Its French operations commenced in May 2021.
Last July, it announced plans to develop a new automated fulfilment centre at Hessenpoort business part in Zwolle, construction of which commenced in November.