Anand Piramal , the Executive Director of the Piramal Group, invested an undisclosed amount in e-commerce startupSnapdeal .- Indian e-commerce startup Snapdeal recently announced that it has bounced back from its earlier lows, clocking in a 73% jump in revenue in the last financial year.
- Its consolidated revenues grew to ₹925.3 crores in 2018-19 as compared to ₹535.9 in 2017-18.
“Snapdeal’s sharp execution in bringing great selection to the mass market segment in tier 2-3 cities has been quite successful, leveraging the growing Internet penetration in these geographies. Since 2017, Snapdeal’s revenues have grown rapidly with profitable unit economics,” said Piramal.
Indian e-commerce startup Snapdeal had recently announced that it has bounced back from its earlier lows, clocking in a 73% jump in revenue in the last financial year.
As per regulatory documents filed by Snapdeal, its consolidated revenues grew to ₹925 crore in 2018-19 as compared to ₹536 crore in 2017-18. The e-commerce platform also reduced its losses to ₹186 crore in FY19 as compared to ₹611 crore in FY18.
"Anand's investment comes as a significant endorsement for Snapdeal and the transformation the company has undergone over the last couple of years. His appreciation for what it takes to build a company with growing revenues with good economics in a competitive market comes from his own experiences of building and operating large companies in competitive sectors like real estate and financial services,” said
Snapdeal has come a long way from its very public breakdown in 2016-17. In 2017, Snapdeal, which was actually one of the early e-commerce players in the country, was caught in the grip of increased competition from Amazon and Flipkart.
In the last two years, Snapdeal added over 60,000 new seller partners, who have added over 50 million new listings on the platform.