New Delhi: E-commerce firm Snapdeal has narrowed its consolidated losses substantially to Rs 613 crore for FY2017-18, as per regulatory documents.
The company, which competes with larger rivals like Amazon and Flipkart, had posted a consolidated loss of Rs 4,647.1 crore in FY2016-17, documents filed with the corporate affairs ministry showed.
The consolidated revenue from operations declined to Rs 436.1 crore for 2017-18 as against Rs 903.8 crore in FY17.
On standalone basis too, Snapdeal trimmed its losses to Rs 440.7 crore in FY18 from Rs 4,638.9 crore in the year-ago period. Total revenue was at Rs 514.6 crore in FY18 as against Rs 1,105.7 crore in the previous fiscal.
Snapdea said that the company had embarked on its journey towards profitability last year.
“This year, we continued on this path and focused on building a leaner and more capital efficient business. We substantially reduced our costs, both variable and fixed overheads,” it added.
The company said it reduced its business promotion expense by 88 per cent year-on-year. “We optimised the team structure and leveraged technology more efficiently, which was critical in trimming our employee expenses by 68 per cent y-o-y. While all of this has come at the expense of lower top line, your company is extremely proud of its achievements and is absolutely confident that it is heading in the right direction to achieve profitability,” it said....