The Kunal Bahl-led ecommerce platform’s consolidated net loss narrowed 44.7% to INR 282.2 Cr in FY23 from INR 510.3 Cr in FY22
Snapdeal’s operating revenue declined 31% to INR 372 Cr during the year from INR 539.6 Cr in FY22
Led by a steep 71% decline in advertising expenses, Snapdeal’s total expenses fell 35.7% YoY to INR 687.9 Cr in FY23
Ecommerce major Snapdeal’s parent entity AceVector saw its consolidated operating revenue decline 31% to INR 372 Cr in the financial year 2022-23 (FY23) from INR 539.6 Cr reported in the prior fiscal year.“The board of directors of the company approved a revised business plan and strategy for the year ended March 31, 2023, which amongst other steps included further optimisation of the future costs. Basis the revised direction, the company expects to significantly right size and reduce the monthly cash burn,” it added.
However, the Kunal Bahl-led ecommerce platform managed to lower its loss despite the decrease in sales revenue. Snapdeal’s net loss narrowed 44.7% to INR 282.2 Cr in FY23 from INR 510.3 Cr in the prior year.