Snapdeal posts Rs 4,647 crore net loss

The net losses of e-commerce firm Snapdeal, as per regulatory filing by Jasper Infotech, which runs Snapdeal, touched Rs 4,647 crore for the fiscal ending March 2017. The company's total income also declined 12.6 per cent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year.

The company’s business has been severely impacted by the intense competition in the e-commerce segment. It had registered a net loss of Rs 3,340 crore in 2015-16. Last year, Snapdeal dumped the $950-million takeover offer from Flipkart to pursue a fresh strategy in the Indian market. It also sold its payment services unit, Freecharge to Axis Bank for Rs 385 crore, almost 90 per cent lower than what it had paid for in 2015. In January 2018, the company’s logistics arm -- Vulcan Express -- was acquired by Kishore Biyani's Future Supply Chain Solutions in an all-cash deal valued at Rs 35 crore. The company has also significantly reduced its headcount to rein in costs.