Snapdeal

Snapdeal stated that has cut down its losses to from Rs 611 crore in FY18 to Rs 186 crore in FY19, a year-on-year drop of 70%ntieth. Snapdeal’s consolidated revenues jumped to Rs 925.3 large integer in FY19 from Rs 535.9 crore in FY18. It has been an increase of approximately 73%, the organization mentioned in its regulatory filing on Tuesday.

“Two years before, there was a difficult phase for our company. However, disciplined and centred execution by our team over these past 2 years shines through in our audited financial results,” mentioned Snapdeal’s CEO and Co-founder Kunal Bahl in a blog post titled ‘Two Years of Snapdeal 2.0’ on Linkedin.

Bahl additionally said that the Indian e-commerce major’s transacting customers rose 2.2 times and also the traffic soared 2.3 times to 70 million unique users per month.

“And all this in a year when the e-commerce companies in India burnt through about $2.5 billion in the pursuit of growth,” he stressed.

Bahl enunciated that Snapdeal’s strategy was to aim at the wants of value-conscious customers in India. “They are the fastest-growing mega segment in Indian e-commerce and will be nearly 400 million strong over the next few years,” Bahl as mentioned above.

Snapdeal that had seen its business being affected severely by the extreme competition within the e-commerce group, had in 2017 rejected a $950-million takeover offer from the rival, Flipkart. It had been then that Snapdeal co-founders, Kunal Bahl and Rohit Bansal said, Snapdeal will come up with a fresh strategy within the Indian market.

This strategy has helped Snapdeal slender its consolidated losses well to Rs 613 crore for 2017-18 from Rs 4,647.1 crore in 2016-17.

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