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

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

Views

News

New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

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