New Delhi : E-commerce firm Snapdeal saw its losses mounting to Rs 4,647 crore for the fiscal ending March 2017, impacted by a provision for “impairment of goodwill” of Rs 1,797 crore.
According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3,340 crore in 2015-16.
The company’s total income also declined by 12.6 per cent to Rs 1,291.3 crore in FY2017 from Rs 1,478.2 crore in the previous year.
When contacted, Snapdeal spokesperson said the financial statement for the year 2016-17 “reflects the first stage of Snapdeal’s focus on unit economics and business efficiencies”.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)