SoftBank's profits drop, Snapdeal GMV sees 90% increase in FY'16

New Delhi: Japanese telecom giant SoftBank on 10 May said its investee companies in India -- Snapdeal, Oyo Rooms, Ola and Hike -- saw good traction even though its own profits dropped 27 per cent for the fiscal ended March.

SoftBank's sales for 2015-16 totalled 9.15 trillion yen (USD 84 billion), up nearly 8 per cent from the previous financial year.

Chief Executive Masayoshi Son said the Indian companies in which SoftBank has invested are growing, which include games, online messenger and retail businesses.

According to the investor presentation, e-commerce major Snapdeal saw the value of merchandise (GMV) sold through its platform rise 90 per cent in 2015-16 over the previous fiscal.

Representative image.

Representative image.

"Repeat purchase rates increasing... Investing in supply chain technology... (Freecharge is) the fastest-growing digital wallet in India," the presentation stated.

However, the pace of growth is slowing compared with previous quarters.

Snapdeal, however, declined to comment on the GMV numbers. Earlier this year, Snapdeal had said it will move away from the usual practice of focussing on GMV as a growth parameter and instead aims to enable 20 million users to transact on its ecosystem daily by 2020.

SoftBank said Ola had seen 55 per cent improvement in expected arrival time of vehicles in 2015-16 and has the largest network of customers and cabs in India.

The Tokyo-based company said the monthly message volume on Hike, the mobile instant messenger, had seen 2.4 times y-o-y growth in the said fiscal.

"Hike is the first Indian Internet company with more than 100 million users. There is a strong engagement at 120 minutes per week... Over 100 million games have been played in the first month after launch," the presentation said.

Another investee company, Oyo Rooms saw 15 times jump in daily booked room-night transactions in the first quarter this year.

SoftBank has also invested in InMobi, Grofers and SoftBank Energy in India.

Updated Date: May 11, 2016 07:57 AM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See