Snapdeal’s ache din – says it’s revenue jumped 73% and losses are down to less than a third
Snapdealhas announced a consolidated revenue of ₹925.3 crore with a 73% jump in revenue.
- The e-commerce platform has also cut its losses by 71%.
- Over 50 employees have returned to join the company, which has seen a turnaround in business since it launched
Snapdeal 2.0in July 2017.
As per regulatory documents filed by Snapdeal, its consolidated revenues grew to ₹925.3 crores in 2018-19 as compared to ₹535.9 in 2017-18. The e-commerce platform also reduced its losses to ₹186 crores in FY19 as compared to ₹611 crores in FY18.
“Our transacting customers grew 2.2 times and traffic surged 2.3 times to 70 million unique users/month. And all this in a year when the e-commerce companies in India burnt through $2.5 billion in the pursuit of growth,” said
In 2017, Snapdeal, which was actually one of the early e-commerce players in the country, was caught in the grip of increased competition from Amazon and Flipkart. The company lost a huge chunk of its market share and posted a net loss of ₹4,638 Crores in 2016-17..
Soon after, there were many speculations about the company being in the verge of a shutdown as a merger with Flipkart too didn’t work out. However, the founders Kunal Bahl and
“Our strategy is to focus on the needs of the value-conscious buyers in India – they constitute the bulk of our users. They are also the fastest-growing mega segment in Indian e-commerce and will be nearly 400 million strong over the next few years,” Bahl said in the blog.
And in the last two years, Snapdeal has gone on to add over 60,000 new seller partners, who have added over 50 million new listings on the platform.
Snapdeal’s work culture too has seen a turnaround, with a swanky new office, television sets across the open office where top performers are appreciated. It has also seen its employees return to be a part of its growth story.
About 50 employees have returned to Snapdeal in the last one year, which includes one of its chief architects who had gone on to join a foodtech unicorn as the CTO. The company says that the average tenure of an employee in the company is now over 4 years and even has employees who have celebrated a decade with Snapdeal.