Will cut e-commerce biz losses over 6-12 months: Network18
Network18 Media and Investments have incurred a huge loss and hence have planned to recover the losses within tenure of 6-12 months. Head of investments, Network18, Sarbvir Singh commented that the team will venture into non-core businesses so as to concentrate on main operations.
Homeshop18 and bookmyshow are the group’s prime revenue generator. Even without investing much they are excelling at a much appreciable rate than rivals like Flipkart.
Singh stated that the losses incurred are fairly large; hence in a span of 6-12 months they have to bridge the gap between profit and loss. The company is definite to cut their losses sharply or raise capital.
Network18 has of late started concentrating on 3 main businesses, digital content business, digital commerce business and television broadcasting business.
There is an expectation of more stake sales in coming 6 months.