Snapdeal boosted by investment from Piramal Group's Anand Piramal
E-commerce platform Snapdeal has received an investment from the global conglomerate Piramal Group’s executive director Anand Piramal, as its operations have started to turn around, seen via a reduction in losses.
Anand Piramal has invested an undisclosed sum in Snapdeal, the Economic Times reported. The investment comes at a time when Snapdeal is revamping its business strategy to focus on value retail and cost reduction.
"Anand's investment comes as a significant endorsement for Snapdeal and the transformation the company has undergone over the last couple of years,” Snapdeal’s CEO and co-founder Kunal Bahl told the Economic Times.
“His appreciation for what it takes to build a company with growing revenues with good economics in a competitive market comes from his own experiences of building and operating large companies in competitive sectors like real estate and financial services. We are thrilled to have Anand on board this exciting journey."
Earlier in the month, Snapdeal reported that it had narrowed its losses by 71 percent to Rs 186 crore ($27.1 million) in the 2019 financial year compared to losses of Rs 611 crore reported during the 2018 financial year.
The business also reported a 73 percent increase in revenue to Rs 925 crore during the 2019 financial year in comparison to Rs 536 crore in the 2018 financial year.
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