There’s finally some good news for troubled ecommerce company Snapdeal — it claimed it turned cash flow positive in June this year.
Snapdeal, which once held the No. 2 spot in the Indian ecommerce industry, has been in troubled waters for the past few years, with frequent office changes, bursts of hirings alternated with layoffs, and investors writing down investments. It was even dragged to the courts by some of its sellers over alleged non-payment of dues.
In a letter to the Snapdeal “family”, founders Kunal Bahl and Rohit Bansal said: “The last 10 months at Snapdeal have been one of immense focus, determination, and sharp execution. We exited a period of great uncertainty in July last year and strode ahead confidently on our chosen path to create a self-sustaining business.”
The founders shared that the company has been cash flow positive in June 2018 which means that the company is now earning money from its business.
The duo shared that they have achieved this target ahead of demanding deadline they had set for the company.