Oh Snap! Snapdeal goes deep down with loss of Rs. 1,328 crore
Bengaluru, India | Red Newswire | Jan 22, 2016 Last Updated at 12:30 PM IST.
Snapdeal has reported a Rs. 1,328 crore loss over a revenue of Rs. 938 crore in 2014-2015 financial year.
Last year, we saw a high jump in Snapdeal’s GMV which accounts for goods sold on a website.
Jasper Infotech, which operates Snapdeal reported that out of Rs. 938 crore, the revenue of Rs. 766 crore came from its operations alone. This is certainly great growth of 450% when compared to last year’s Rs. 168 crore.
However, its loss has also increased and that too five folds!
Snapdeal spends Rs. 1060 crore in advertising and promotion. This time its employee benefit expense also grew from Rs. 87 crore to Rs. 367 crore.
Snapdeal was started by Kunal Bahl and Rohit Bansal as a daily deals site in 2010, but soon transformed into an online marketplace in 2011. The company has 12 million listings currently.