Ecommerce News

Snapdeal cuts FY23 losses by over 90%, Retail News, ET Retail


New Delhi: At a time when investor funding for tech companies is being dictated by the ability to perform better financially, Snapdeal said it has managed to reduce its FY23 losses by 93-94% on a year-on-year basis.

“The environment has changed over past year, including investor funding. We pressed hard on accelerating our journey towards profitability.

We are already profitable at unit economics level and are looking at overall profitability in a couple of months,” CEO Himanshu Chakrawarti said.

In FY22, the e-commerce firm reported total consolidated losses of Rs 510 crore, a multifold rise over losses of Rs 125.4 crore in the year-ago period, the company’s financial filings sourced from market intelligence platform Tofler showed.

  • Published On Apr 5, 2023 at 11:12 AM IST

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