Snapdeal posts revenue of Rs 846 crore for FY20
E-commerce marketplace Snapdeal reported a marginal rise in its consolidated revenue to Rs 846 crore ($115.4 million) in the financial year 2020, as against a revenue of Rs 839 crore it had reported in FY19.
However, the company’s losses for the financial year were up 47 percent to Rs 274 crore, as against Rs 186 crore it had posted in the previous fiscal.
Snapdeal attributed the losses to its one-time investments in expansion activities across verticals.
“In FY20, Snapdeal continued its investments in market expansion activities that have helped grow the market beyond only brands, urban centres, and a primarily English-speaking audience. One-time investments booked by Snapdeal in FY20 because of such initiatives are factored into the FY20 loss of Rs 274 crore from about Rs 186 crore in FY19,” Snapdeal said in a statement.
“In FY20, we have successfully grown the market for value e-commerce. This has been achieved by expanding the online selection of value-priced merchandise and using technology to enable an unstructured segment of retail to sell online,” a Snapdeal spokesperson added.
Snapdeal claims that during the financial year its customer base grew from 19 million in FY19 to 27 million. On the back of rise in buyers coupled with investments in customer-centric initiatives, Snapdeal expects to increase its revenue and trim losses in the next financial year.
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