Snapdeal

Snapdeal returns 60 percent  goods to sellers

Earlier today, reports surfaced that Snapdeal has returned around 60%-70% of the goods from fulfilment centres. However, Snapdeal has claimed that it is not returning its stock inventory. The Snapdeal spokesperson termed it as a 'regular practice' which helps sellers move non-selling goods.

Snapdeal's board consists of two members from SoftBank, its largest investor, one each from Nexus and Kalaari Capital, Bahl, Bansal, and telecom veteran Akhil Gupta who is the vice-chairman of Bharti Enterprises, which controls phone services firm Bharti Airtel.

 

Snapdeal, run by Jasper Infotech Private Limited, posted a loss of Rs 3,316 crore in FY16, an increase of 150% compared to the loss of Rs 1,328 crore it incurred in FY15. In February it was reported that the company had cash reserves of around Rs 1,100 crore. But since then, the reserves have been rapidly dwindling. Snapdeal had recently raised Rs 113 crore from Nexus Ventures and co-founders Kunal Bahl and Rohit Bansal, to keep the company afloat.

Related Articles
Leave a Comment