Snapdeal’s FY17 loss rises to ₹4,647 cr., income falls

E-commerce firm Snapdeal saw its losses mounting to ₹4,647 crore for the fiscal ended March 2017, impacted by a provision for “impairment of goodwill” of ₹1,797 crore.

According to a regulatory filing with the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of ₹3,340 crore in 2015-16.

The firm’s total income also declined 12.6% to ₹1,291.3 crore in FY17 from ₹1,478.2 crore.

When contacted, a Snapdeal spokesperson said, “Key highlights... are the reduction in fulfilment cost by more than 20% (as a percentage of operating revenue) and reduction in operational losses by nearly 25% (excluding non-recurring cost on account of impairment of assets).”