E-commerce platform Snapdeal has achieved a revenue of Rs 388 crore in FY23, with a significant reduction in losses by 45% to Rs 282 crore in the previous financial year, compared to Rs 510 crore in FY22.
The company has reported profitability in the third quarter of the current fiscal year (FY24).
In FY23, Snapdeal managed to decrease its adjusted EBITDA loss by 65.6% to Rs 144 crore, as per Entrackr’s report.
“Snapdeal’s improved performance was driven by its success in increasing gross margins to 35.5% of revenue in FY 2022-23, up from 31.8% of revenue in FY 2021-22 on a standalone basis,” stated the company.
Consolidated revenue for Snapdeal declined by 31% to Rs 388 crore during FY23, compared to Rs 563 crore in FY22. “In the ongoing October-December quarter, we are profitable on a consolidated basis,” mentioned the company.
Himanshu Chakrawarti, CEO of Snapdeal, highlighted the rising demand for sarees and ethnic wear in fashion, as well as the increase in sports and casual footwear and festive jewellery. He stated that Indian shoppers are embracing style and comfort. Additionally, the surge in wearables like earphones, headphones, and smartwatches in the electronics category demonstrates the tech-savvy nature of shoppers beyond metros, as mentioned during the festival quarter (October-December).
