Snapdeal eyes Rs 600 crore revenue in FY'13
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Snapdeal eyes Rs 600 crore revenue in FY'13

Last Updated: Sunday, July 29, 2012, 15:12
 
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Snapdeal eyes Rs 600 crore revenue in FY'13
New Delhi: Buoyed by the growing popularity of online shopping portals in India, Snapdeal.Com expects to garner revenues of about Rs 600 crore in the current fiscal.

The company also plans to increase its headcount by 500 persons this year.

"We are hoping that we convert the significant chuck of the growing Internet users in India to do transaction with us. In terms of revenues we are expecting about Rs 600 crore in the current financial year," Snapdeal.Com Vice President (Marketing) Sandeep Komaravelly.

The company did not disclose last year's numbers.

On hiring, Komaravelly said the company employs 1,500 people at present and plans to scale the number to 2,000 by the end of December 2012.

Snapdeal, which recently acquired online sports goods retailer esportsbuy.Com, is scouting for more acquisitions which would help it strengthen its offerings, he said.

The company had also bought Bangalore-based group buying firm Grabbon.Com in 2010.

Earlier this year, Jasper Infotech Pvt Ltd that runs Snapdeal.Com had said it has earmarked USD 20 million (around Rs 100 crore) to make up to four acquisitions in 2012.

"In 2012 we will make three to four announcements (on acquisition). We are not only looking for e-commerce players that specialise in specific product categories, but also relevant technology firms that can add value to our business," Snapdeal.Com Co-founder and CEO Kunal Bahl had said.

Asked what kind of capital the firm has set aside to fund its inorganic growth activities, Bahl had said, "USD 20 million".

According to First Data Corporation, the total market size of the industry stood at Rs 46,520 crore last year, a massive jump from Rs 8,147 crore in 2007. First Data expects about 50 per cent growth in this calendar year in the sector.

PTI





First Published: Sunday, July 29, 2012, 15:12


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