LATEST NEWS – Indian e-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company cuts costs and boosts efficiency in a market currently dominated by homegrown Flipkart and US internet giant Amazon.
Kunal Bahl, who co-founded Snapdeal in 2010, also told Reuters in an interview that the online marketplace provider backed by Japan’s SoftBank Group did not immediately need to raise capital unless it makes an acquisition.
A burgeoning Indian middle class’ rapid uptake of wireless high-speed internet has prompted buyers to shop online, boosting sales at e-tailers and making the country’s internet services market one of the world’s fastest growing.
The value of goods sold online in India is expected to jump tenfold to $188 billion by 2025, according to a Bank of America Merrill Lynch note last September. High competition and steep discounting, has however meant most big online retailers are losing money. READ MORE