Snapdeal narrows loss to Rs 160 crore in FY24

Value e-commerce player Snapdeal has managed to narrow its loss to Rs 160 crore ($18.7 million) for the financial year 2024, as against Rs 282 crore in the fiscal year 2023.

The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) loss was down by 88 percent to Rs 16 crore in FY24, as against Rs 144 crore in FY23.

Snapdeal’s revenue from operations increased by 2 percent to Rs 380 crore during the financial year, as against Rs 372 crore in the previous fiscal year, according to its filings with the Registrar of Companies.

The company’s main revenue streams include marketing services, e-commerce enablement, and other ancillary sources.

Marketing services was the highest contributor to the overall revenue with Rs 253 crore while enablement services added Rs 103 crore.

During the FY24, Snapdeal’s strategic cost-reduction initiatives led to drop in overall expenditure by 21 percent to Rs 541 crore from Rs 688 crore in FY23.

Founded in 2010, Snapdeal is one of India’s leading e-commerce platforms focusing on the value commerce market in India.