- The consolidated revenue of Snapdeal grew to Rs. 925.3 crores in 2081-19 as compared to Rs. 535.9 in 2017-18.
- The founders Rohit Bansal and Kunal Bahl decided to turn the tables of the business and launched Snapdeal 2.0 in July 2017.
Indian E-Commerce space has good news with Snapdeal claiming that it has bounced back from its troubles recording a 73 percent hike in revenue in the last financial year.
Hike in Revenue
The consolidated revenue of Snapdeal grew to Rs. 925.3 crores in 2081-19 as compared to Rs. 535.9 in 2017-18. The company also lessened its losses to Rs. 186 crores in Financial Year 19 as compared to Rs. 611 crores in Financial Year 18 as per the regulatory documents filed by Snapdeal.
CEO & co-founder of Snapdeal, Kunal Bahl mentioned in a blog that the company’s transacting customers grew 2.2 times and traffic surged 2.3 times to 70 million unique users/month and all this happened in a year when the e-commerce companies in India burnt around $2.5 billion in the pursuit of growth.”
Bahl also said in the blog, “We are focussing on the needs of the value aware buyers in India which constitute the bulk of our users.”
Soon after there were many rumors of Company on the verge of shutting down as merger with Flipkart also didn’t work out. The founders Rohit Bansal and Kunal Bahl decided to turn the tables of the business and launched Snapdeal 2.0 in July 2017.
After the launch, Snapdeal went on to add more the 60 thousand new seller partners who have added more than 50 million new listings on the platform.
Overhaul of Work Culture
Snapdeal’s work environment has seen a total change with a swanky new office television sets across the open office where top performers are rewarded. It has also witnessed the return of its employees to be a part of its growth story.
Almost 50 employees have returned to Snapdeal in the last one year, which includes one of its main architects who went on to join a food tech unicorn as CTO. The company said that the average tenure of an employee is now more than 4 years and even has employees who have celebrated a decade with Snapdeal.
This is certainly a story of remarkable comeback and willpower. Snapdeal’s progress is an example of never giving up and continuing the good work. Next Big Brand wishes all the best to Team Snapdeal.