Snapdeal’s revenue grows 73%, losses drop by 71% in FY19

MUMBAI/NEW DELHI: Online marketplace Snapdeal’s revenue jumped 73% and losses narrowed significantly in the previous fiscal year, as the company’s efforts to cut costs, shed assets and pivot to a pure marketplace model began to pay dividends.

Jasper Infotech, which owns and operates Snapdeal, reported a consolidated revenue of Rs 925.3 crore compared to the year-ago period when topline came in at Rs 535.9 crore, according to the company’s filings to the Registrar of Companies (RoC).

Snapdeal reported consolidated losses of Rs 186 crore for the 12-month period ended March 31, from a loss of Rs 611 crore in the previous fiscal year, the filings showed.

On a standalone basis, Snapdeal posted a revenue of Rs 899.2 crore, from Rs 527.5 crore a year ago, while losses narrowed by more than 71% to Rs 187.4 crore for the same period.