wordpress blog stats
Connect with us

Hi, what are you looking for?

FutureBazaar Reports Rs. 718.8M Income, Rs 1.4M Loss For FY08; BestBuy Model

Updated with responses from Pankaj Tibrewal on financial performance, website statistics and expansion. FutureBazaar.com, the online shopping portal by the Future Group has reported a net loss of Rs. 1.4 million in the financial year 2008-09 (ending March 31st 2009) compared to a profit of Rs. 39.5 million in 2007-08. The company invested Rs. 25 crores in a technology platform for multi-channel commerce by ATG. FutureBazzar's income from operations rose 4.6 times YoY from Rs. 156.2 million to Rs. 718.8 million. In August 2008, the company announced its turnover was expected to treble from Rs. 620 million to Rs. 1.82 billion following initiatives such as its website redesign, the addition of regional brands and new products, and going offline. It also invested in putting up e-commerce enabled sites for Big Bazaar, Pantaloons and E-zone. These investments are expected to yield results in 2-3 years. MediaNama spoke to Pankaj Tibrewal, who replaced Sankarson Bannerjee as the CEO in August 2009, to discuss the challenges facing current online shopping scene and FutureBazaar.com's plans. On its fiscal performance, he said, "Last year was very tough due to reduction in discretionary spending but we managed to grow." Challenges FutureBazaar.com claims to receive half a million unique visits per month and 200,000 page views/day. The portal was set up in 2007 and currently delivers to 1500 cities and towns in India. Electronics and small to medium ticket items such as memory drives, mobile phones, tee shirts and home & kitchen products (when deals are offered)…

Please subscribe/login to read the full story.
Written By

http://www.linkedin.com/in/preethij

Free Reads

News

Vaishnaw's remarks come a day after Google removed apps belonging to Matrimony.com, Info Edge (Naukri and 99 Acres), Shaadi.com, Altt, Truly Madly, Stage, Quack...

News

Paytm has started distancing itself from PPBL in light of the current negative spotlight on PPBL.

News

The move can be seen as an attempt by Paytm to distance itself from the troubled Paytm Payments Bank, which has been significantly restricted...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ