Snapdeal reduces losses by over 93% on road to profitability

By

Isabelle Crossley

Published
Apr 5, 2023

Fashion and lifestyle e-commerce business Snapdeal reduced its losses by between 93% and 94% in the 2023 financial year as part of its goal of reaching overall profitability, which the business is confident it can achieve in around two months. 

“The environment has changed over [the] past year, including investor funding,” said Snapdeal’s CEO Himanshu Chakrawarti, TNN reported. “We pressed hard on accelerating our journey towards profitability. We are already profitable at [the] unit economics level and are looking at overall profitability in a couple of months.” 
 
The 2022 financial year, which ended on March 31, 2022, saw Snapdeal’s losses total Rs 510 crore, a significant increase from the previous fiscal, according to market intelligence platform Tofler. However, the business’ focus on cost cutting initiatives over the past year has led to a significant reduction in its yearly losses, more specific details on which will be announced when Snapdeal publishes its more in depth financial results for the 2023 financial year. 

Snapdeal retails a wide range of fashion brands from both India and abroad from its e-commerce store. The business was founded in 2010 by Kunal Bansal and Rohit Bansal and is headquartered in New Delhi.