Consolidated revenue of Snapdeal drops 1 pc to Rs 916 crore revenue in FY20

Consolidated revenue of Snapdeal dropped 1 per cent from Rs 925.3 crore to Rs 916 crore during FY 20 on the back of continued investments made by it in the market expansion activities including video, vernacular and other strategic projects aimed at growing the online market amongst new users.

The company said that over 2 per cent of India (27 million buyers) bought from its marketplace in FY20 while over 85 per cent of its orders were shipped to customers based in cities beyond the top 10 metros.It had raised investments from Alibaba, SoftBank, Nexus Venture Partners, Anand Piramal in the past.

The company reported a 0.8 per cent jump in its operating revenue from Rs 839.4 crore in FY19 to Rs 846.4 crore in FY20 amid Covid-led sales disruption in Q4. On the other hand, FY20 losses of Snapdeal stood at Rs 274 crore, up 47 per cent (by Rs 88 crore) from around Rs 186 crore in FY19 on account of such initiatives.

The last major realignment exercise at Snapdeal, in which employees were impacted, took place in 2017 when it had reportedly laid off around 600 employees while founders Kunal Bahl and Rohit Bansal had foregone their salaries to stay on their path to profitability.

The company has so far raised $1.8 billion across 13 funding rounds and had raised investments from Alibaba, SoftBank, Nexus Venture Partners, Anand Piramal in the past, according to Crunchbase.