Snapdeal FY17 revenue falls 38 per cent

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New Delhi | Published: January 26, 2018 5:13:38 AM

Jasper Infotech, the parent company of e-commerce firm Snapdeal, posted a 37.9% decline in its total revenues to Rs 903.8 crore for the year ended March 2017, according to filings with the Registrar of Companies and research platform Tofler.

Snapdeal, Snapdeal revenue, Snapdeal fy17 revenue, Jasper InfotechJasper Infotech, the parent company of e-commerce firm Snapdeal, posted a 37.9% decline in its total revenues to Rs 903.8 crore for the year ended March 2017, according to filings with the Registrar of Companies and research platform Tofler.

Jasper Infotech, the parent company of e-commerce firm Snapdeal, posted a 37.9% decline in its total revenues to Rs 903.8 crore for the year ended March 2017, according to filings with the Registrar of Companies and research platform Tofler. It is yet to file complete financials. In FY16, losses more than doubled to Rs 3,315 crore on revenues of Rs 1,457 crore. In July last year, the e-commerce company called off a proposed deal with rival Flipkart. The company which then continued to operate as a smaller entity laid off close to 950-1,000, post which it was left with just 200-250 employees. In August, Kunal Bahl, founder and CEO of Snapdeal, relaunched the e-commerce website. Calling it Snapdeal 2.0, Bahl, in a letter to employees, said the company in its new form is expected to become profitable soon. “We are already profitable at a gross profit level…with clear visibility to making upwards of Rs 150 crore in gross profits in the next 12 months,” Bahl wrote. Snapdeal currently employees about 1,000 staffers.

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