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Snapdeal grows revenues by 73% YoY in fiscal 2018-19

22
Jul '19
Pic: Shutterstock
Pic: Shutterstock
Indian e-tailer Snapdeal grew its consolidated revenues by 73 per cent year-on-year (YoY) in fiscal 2018-19, while reducing losses by 70 per cent YoY. Operations revenue grew by 87 per cent YoY, co-founder Kunal Bahl said in a blogpost on LinkedIn. Its transacting customers grew 2.2 times and traffic surged 2.3 times to 70 million unique users per month.

“This makes us the proud exception in Indian e-commerce, where greater growth usually means greater losses. We were also the first large scale e-commerce company in India to achieve the cash-profit milestone in the year (month of June 2018),” Bahl, who is also the chief executive officer of the company, wrote.

Over the last two years, the company has reduced its losses by 96 per cent while growing on parameters that matter to every business–more customers and more revenue.

This month marks two years of Snapdeal 2.0, the company’s focused strategy to pursue growth in terms of real revenue with good economics and enhanced customer experience.

The company’s efforts of the last two years were in getting closer to customers, building a deeper collaboration with seller partners, aligning technology platform with its objectives, and staying lean and moving fast, he added. (DS)

Fibre2Fashion News Desk – India


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