Shopclues narrows losses to Rs 69 crore in 2018-19
E-commerce platform Shopclues managed to narrow its losses to Rs 69 crore ($9.7 million) in the year ended March 2019, as against a loss of Rs 208 crore it had reported in the fiscal year 2017-18.
The company’s revenue also dropped by 25 percent to Rs 204 crore in 2018-19 from Rs 271 crore it had reported in the previous financial year, according to documents sourced by business intelligence platform Tofler.
"With revenues remaining relatively flat for us, we have been able to reduce the losses by 67 percent," Shopclues co-founder and CEO, Sanjay Sethi, told PTI.
Earlier this year, Shopclues also signed an all stock-deal with Singapore-based firm Qoo10 to merge its operations with the latter.
"Following the merger with Qoo10, we strongly feel that ShopClues, with our differentiated position as a value-for-money marketplace and our thriving ecosystem of more than 7 lakh small and medium merchants, will now have access to global markets via their strong presence in Southeast Asia," added Sethi.
With the merger, Qoo10 is looking to expand its presence in Asian countries. Moreover, ShopClues said there will be no organisational change in light of the merger and the company will continue to use the same branding for future growth in the country.
Qoo10 is an e-commerce platform in South East Asia and currently operates in Singapore, Indonesia, Malaysia, China, and Hong Kong.
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