Jasper Infotech the owner of Snapdeal, has reported a loss of Rs 1,328.01 crore for the year which ended in 31 March 2015. The company in the previous year reported a loss of Rs 264.6 crore.
Also, Snapdeal’s loss has grown five-fold in last one year. Snapdeal had reported actual sales of Rs 168.1 crore for the year ended March 2014.
The underlying reason for this is the growing competitive market which has been leading to the aggressive discounts and offers.
Flipkart had reported a loss of about Rs.2,000 crore for the year ended 31 March and a loss of Rs.715 crore in the previous year.
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