Snapdeal

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Snapdeal is an online marketplace, based in New Delhi, India. The company was started by Kunal Bahl, a Wharton graduate as part of the dual degree M&T Engineering and Business program at Penn, and Rohit Bansal, an alumnus of IIT Delhi in February 2010. Snapdeal currently has 275,000 sellers, over 30 million products and a reach of 6,000 towns and cities across the country[3] Investors in the company include SoftBank Corp, Ru-Net Holdings, Tybourne Capital, PremjiInvest, Alibaba, Temasek Holdings, Bessemer Venture Partners, IndoUS Ventures, Kalaari Capital, Saama Capital, Foxconn Technology Group, Blackrock, eBay, Nexus Ventures, Intel Capital, Ontario Teachers' Pension Plan, Singapore-based investment entity Brother Fortune Apparel and Ratan Tata.[4] When Snapdeal acquired FreeCharge[5] in an equity deal, investors Sequoia Capital India, Valiant Capital, Sofina, Ru-Net Holdings, and Tybourne Capital also became shareholders in Snapdeal.

History

Snapdeal was started on 4 February 2010 as a daily deals platform, but expanded in September 2011 to become an online marketplace.[6] Snapdeal has grown to become one of the largest online marketplace in India[7] offering an assortment of 10 million products across diverse categories from over 100,000 sellers, shipping to more than 5,000[8] towns and cities in India. In March 2015, Snapdeal brought actor Aamir Khan for the promotion of its website in India.[9]

Funding

Snapdeal has received 7 rounds of funding:

  • Round 1: In January 2011, Snapdeal received a funding of $12 million from Nexus Venture Partners and Indo-US Venture Partners.
  • Round 2: In July 2011, the company raised a further $45 million from Bessemer Venture Partners, along with existing investors Nexus Venture Partners and Indo-US Venture Partners.
  • Round 3: Snapdeal then raised a 3rd round of funding worth $50 million from eBay and received participation from existing investors – i.e. Bessemer Venture Partners, Nexus Venture and IndoUS Venture Partners.[10]
  • Round 4: Snapdeal received its 4th round of funding of $133 million on Feb-2014. The 4th round of funding was led by eBay with all the current institutional investors, including Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital all participating.[11]
  • Round 5: Snapdeal received its 5th round of funding of $105 million in May-2014. The 5th round included investments by Blackrock, Temasek Holdings, PremjiInvest and others.[12] The round valued Snapdeal at $1,000,000,000.[13]
  • Round 6: Snapdeal received its 6th round of funding in Oct-2014 from Softbank with investments worth $647 million in fresh capital.This makes SoftBank the largest investor in Snapdeal.[14]
  • Round 7: Snapdeal received its 7th round of funding in Aug-2015 from Alibaba Group, Foxconn and SoftBank with investments worth $500 million in fresh capital.[15]
  • Round 11:One of the world's largest pension funds, Ontario Teachers' Pension Plan, and Singapore-based investment entity Brother Fortune Apparel have led the 11th round of funding in online marketplace player Snapdeal. The latest investment is $200 million (Rs 1,367.6 crore) in Jasper Infotech-owned company.

Acquisitions

  • In June 2011, Snapdeal acquired Bengaluru-based group buying site, Grabbon.com.[16]
  • In April 2012, Snapdeal acquired esportsbuy.com, an online sports goods retailer based out of Delhi.[17][18]
  • In May 2013, Snapdeal acquired Shopo.in, an online marketplace for Indian handicraft products.[19]
  • In April 2014, Snapdeal acquired fashion products discovery site, Doozton.com.[20]
  • In December 2014, Snapdeal acquired gifting recommendation site, Wishpicker.com.[21]
  • In January 2015, Snapdeal acquired a stake in product comparison website Smartprix.com.[22]
  • In February 2015, Snapdeal acquired luxury fashion products discovery site, Exclusively.in.[23]
  • In March 2015, Snapdeal acquired 20% stake in logistics service company Gojavas.com.It currently owns a 50% stake in GoJavas valued at $35 million.[24]
  • In March 2015, Snapdeal acquired ecommerce management software and fulfillment solution provider, Unicommerce.com .[25]
  • In March 2015, Snapdeal entered into the financial services marketplace by acquiring a majority stake of RupeePower which provides a digital platform for financial products to customers. Tejasvi Mohanram, the founder of RupeePower, would continue to be the MD & CEO of the company.[26][27][28]
  • In April 2015, Snapdeal acquired mobile-payments company FreeCharge.com.[29]
  • In September 2015, Snapdeal acquired Reduce Data, a programmatic display advertising platform.[30]

Business results

In the year 2012-13, Snapdeal had said that it expected revenues of about ₹600 crore (US$89 million). Betting big on the growth of mobile commerce, Kunal Bahl, the CEO, said at the time that 15-20 per cent of the sales on Snapdeal came through m-commerce. Snapdeal.com expected the total sale of products traded on its platform to cross ₹2,000 crore (US$300 million) in the fiscal year 2013-14 helped by its robust growth in the past two years and the growing popularity of e-commerce in India.[31] In June 2014, Snapdeal announced that it had achieved the milestone of 1000 sellers on its platform getting sales of over Rs 1 crore.[32]

Labour Issues

Snapdeal employees approached the Labour Department in February 2016, claiming that the company was firing them and had forced 600 employees to resign in the last one year.[33]

After protests from Snapdeal employees, Delhi Government ordered the Labour Department to probe the allegations.[34]

Awards and recognition

  • eRetailer of the Year & Best Advertising campaign of the year - Indian eRetail awards 2012 organized by Franchise India in Feb,2012.[35]
  • Winner of Red Herring Asia Awards 2011.[36]
  • E-commerce site of the year at WAT awards that took place in Jan 2012, Mumbai.[37]
  • Voted amongst the Buziest brands of India in afaqs's annual buzz-making poll.[38]

Controversy

Trivia

References

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External links

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  8. ↑ http://www.dailydealmedia.com/snapdeals-in-5000-cities-and-towns-in332-india/
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  10. ↑ http://www.nextbigwhat.com/ebay-invests-in-snapdeal-297/
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  12. ↑ http://www.vccircle.com/news/technology/2014/05/21/snapdeal-raises-100m-fresh-funding-blackrock-temasek-premjiinvest-others
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ "SoftBank becomes largest investor in Snapdeal", Affairscloud" , 28 October 2014.
  15. ↑ [1]
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  23. ↑ ", Business-standard", 18 February 2015.
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