NEW DELHI: E-commerce platform Snapdeal has registered Rs 388 crore in revenue in FY23, as it significantly reduced losses by 45 per cent to Rs 282 crore in the last financial year, as compared to Rs 510 crore in FY22.
The company has claimed profitability in the third quarter of the current fiscal year (FY24).
Snapdeal cut its adjusted EBITDA loss by 65.6 per cent to Rs 144 crore in FY23, reports Entrackr.
“Snapdeal’s improved performance was underpinned by its success in increasing gross margins to 35.5 per cent of revenue in FY 2022‐23, up from 31.8 per cent of revenue in FY 2021‐22 on a standalone basis,” the company said in its statement.
Snapdeal’s consolidated revenue declined 31 per cent to Rs 388 crore during FY23 from Rs 563 crore in FY22.
“In the ongoing October-December quarter, we are profitable on a consolidated basis,” the company said.
According to Himanshu Chakrawarti, CEO of Snapdeal, from the rising demand for sarees and ethnic wear in fashion to the upswing in sports and casual footwear to festive jewellery, it's clear that Indian shoppers are embracing style and comfort.
“The surge in wearables like earphones, headphones, and smartwatches in electronics highlights the tech-savvy nature of shoppers beyond metros,” he had said during the festival quarter (October-December).