Ecommerce Platform Snapdeal Cuts Its FY23 Losses By Over 90%

Snapdeal stated it had managed to lower its FY23 losses by 93-94 per cent year on year, at a time when investor investment for tech companies is being governed by the capacity to perform better financially.

Commenting on the achievement, Himanshu Chakrawarti, said that 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.

According to a media report, in FY22, the startup firm reported total consolidated losses of Rs 510 crore. It is a multifold rise over losses of Rs 125.4 crore in the year-ago period.