Snapdeal said that it has trimmed its losses to from Rs 611 crore in FY18 to Rs 186 crore in FY19, a year-on-year drop of 70%. Snapdeal's consolidated revenues jumped to Rs 925.3 crore in FY19 from Rs 535.9 crore in FY18. This is an increase of nearly 73%, the company said in its regulatory filing Tuesday.
"Two years ago, we were coming off a challenging patch for our company. However, disciplined and focused execution by our team over these past two years shines through in our audited financial results," said Snapdeal's CEO and Co-founder Kunal Bahl in a blog post titled 'Two Years of Snapdeal 2.0' on Linkedin.
Bahl added that the Indian e-commerce major's transacting customers rose 2.2 times and the traffic soared 2.3 times to 70 million unique users per month.
"And all this in a year when the e-commerce companies in India burnt through about $2.5 billion in the pursuit of growth," he stressed.
Bahl enunciated that Snapdeal's strategy was to centre its focus on the requirements of value-conscious customers in India. "They are the fastest-growing mega segment in Indian e-commerce and will be nearly 400 million strong over the next few years," said Bahl.
Snapdeal, which had seen its business being impacted severely by the intense competition in the e-commerce segment, had in 2017 dumped a $950-million takeover offer from rival, Flipkart. It was then that Snapdeal co-founders, Kunal Bahl and Rohit Bansal had said Snapdeal would pursue a fresh strategy in the Indian market.
This strategy has helped Snapdeal narrow its consolidated losses substantially to Rs 613 crore for 2017-18 from Rs 4,647.1 crore in 2016-17.