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)…
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