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Snapdeal

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Snapdeal
File:Snapdeal.png
Type of site
Private
Founded2010 (2010)[1]
HeadquartersNew Delhi, India
Area servedIndia
Founder(s)Kunal Bahl, Rohit Bansal
IndustryInternet
ServicesE-commerce
(Online shopping)
Employees7000000000000
URLwww.snapdeal.com

Snapdeal is an online marketplace, 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.[3]

History

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

Funding

Snapdeal has received 6 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.[8]
  • 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.[9]
  • 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.[10] The round valued SnapDeal at $1,000,000,000.[11]
  • Round 6: Snapdeal received its 6th round of funding in Oct-2014 from Softbank with investments worth $627 million in fresh capital.This makes SoftBank the largest investor in Snapdeal.[12]

Acquisitions

  • In June 2011, Snapdeal acquired Bangalore-based group buying site, Grabbon.com.[13]
  • In April 2012, Snapdeal acquired esportsbuy.com, an online sports goods retailer based out of Delhi.[14][15]
  • In May 2013, Snapdeal acquired Shopo.in, an online marketplace for Indian handicraft products.[16]
  • In April 2014, Snapdeal acquired fashion products discovery site, Doozton.com.[17]
  • In December 2014, Snapdeal acquired gifting recommendation site, Wishpicker.com.[18]
  • In January 2015, Snapdeal acquired a stake in product comparison website Smartprix.com.[19]
  • In February 2015, Snapdeal acquired luxury fashion products discovery site, Exclusively.in.[20]
  • In March 2015, Snapdeal acquired 20% stake in Gojavas.com.[21]
  • In March 2015, Snapdeal acquired ecommerce management software and fulfillment solution provider, Unicommerce.com .[22]
  • 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. Mr. Tejasvi Mohanram, the founder of RupeePower would continue to be the MD&CEO of the company. [23][24][25]
  • In April 2015, Snapdeal acquired mobile-payments company FreeCharge.com.[26]

Business results

In the year 2012-13 Snapdeal had said that it expected revenues of about ₹600 crore (US$72 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$240 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.[27] In June 2014, Snapdeal announced that it had achieved the milestone of 1000 sellers on its platform getting sales of over Rs 1 crore.[28] Snapdeal is the fastest growing e-commerce company in India with gross sales over 3 billion dollars annually

Awards and recognition

  • eRetailer of the Year & Best Advertising campaign of the year - Indian eRetail awards 2012 organized by Franchise India in Feb,2012.[29]
  • Winner of Red Herring Asia Awards 2011.[30]
  • E-commerce site of the year at WAT awards that took place in Jan 2012, Mumbai.[31]
  • Voted amongst the Buziest brands of India in afaqs's annual buzz-making poll.[32]

Trivia

Criticism

  • Snapdeal has been criticized for failing to deliver big discounts and speedy deliveries on its Savings Day sale held on 11 November 2014.[35]

References

  1. ^ Chakraborty, Alokananda (18 July 2014). "Lunch with BS: Sachin Bansal". Business Standard Ltd. Retrieved 16 November 2014.
  2. ^ "snapdeal site info Site Info". Alexa Internet. Retrieved 4 August 2015.
  3. ^ Gooptu, Biswarup (28 February 2014). "Snapdeal co-founder Kunal Bahl: A rising star of India's e-commerce space". The Economic Times. Retrieved 16 November 2014.
  4. ^ Agrawal, Shrija; Rai, Anand. "We should do a billion dollar in gross merchandise value by 2015: Snapdeal's Kunal Bahl". http://techcircle.vccircle.com/. Retrieved 16 November 2014. {{cite web}}: External link in |website= (help)
  5. ^ Bhattacharjee, Nivedita; PM, Indulal. "Japan's SoftBank kicks off $10 billion India online spree, buys stake in Snapdeal". Reuters. Retrieved 16 November 2014.
  6. ^ http://www.dailydealmedia.com/snapdeals-in-5000-cities-and-towns-in332-india/
  7. ^ "Aamir Khan roped in as brand ambassador for Snapdeal". India Today. Retrieved 18 March 2015.
  8. ^ http://www.nextbigwhat.com/ebay-invests-in-snapdeal-297/
  9. ^ "eBay increases stake in Snapdeal, invests $134 million". The Times Of India. 27 February 2014.
  10. ^ http://www.vccircle.com/news/technology/2014/05/21/snapdeal-raises-100m-fresh-funding-blackrock-temasek-premjiinvest-others
  11. ^ PrivCo (May 2014). "SnapDeal Receives Venture Capital Investment From Temasek Holdings Pte Ltd., BlackRock Kelso Capital, Myriad Group AG, And Others".
  12. ^ "SoftBank becomes largest investor in Snapdeal", Affairscloud" , 28 October 2014.
  13. ^ 29 June 2010 (29 June 2010). "Jasper announces acquisition of Grabbon". The Financial Express.{{cite web}}: CS1 maint: numeric names: authors list (link)
  14. ^ 4 April 2012 (4 April 2012). "Snapdeal acquires Esportsbuy.com". Economic Times.{{cite news}}: CS1 maint: numeric names: authors list (link)
  15. ^ 4 April 2012 (4 April 2012). "Snapdeal buys Esportsbuy.com". The Hindu Business Line.{{cite web}}: CS1 maint: numeric names: authors list (link)
  16. ^ 1 June 2013 (1 June 2013). "Snapdeal acquires Shopo.in". Times of India.{{cite news}}: CS1 maint: numeric names: authors list (link)
  17. ^ 11 December 2014 (11 December 2014). "Snapdeal acquires Doozton.com". Economic Times.{{cite news}}: CS1 maint: numeric names: authors list (link)
  18. ^ 11 December 2014 (11 December 2014). "Snapdeal acquires Wishpicker.com". Economic Times.{{cite news}}: CS1 maint: numeric names: authors list (link)
  19. ^ "Snapdeal buys stake in product comparison site Smartprix.com". VC Circle. Retrieved 6 January 2014.
  20. ^ ", Business-standard", 18 February 2015.
  21. ^ "Snapdeal acquired 20% stake in Gojavas.com". LiveMint. Retrieved 18 March 2015.
  22. ^ "Snapdeal buys e-commerce management firm Unicommerce". LiveMint. Retrieved 31 March 2015.
  23. ^ "Snapdeal acquires majority stake of RupeePower". articles.economictimes.indiatimes.com. Retrieved 1 April 2015.
  24. ^ "Snapdeal acquires majority stake of RupeePower". MoneyControl. Retrieved 31 March 2015.
  25. ^ "Snapdeal acquires majority stake of RupeePower". The Times Of India. Retrieved 31 March 2015.
  26. ^ "India's Snapdeal Buys FreeCharge". The Wall Street Journal. Retrieved 8 April 2015.
  27. ^ "Snapdeal expects its online sales to cross Rs 2,000 cr in FY14". The Times Of India. 31 March 2013.
  28. ^ "Snapdeal crosses milestone of 1,000 sellers getting sales of over Rs 1 crore". IndianWeb2. 16 June 2014.
  29. ^ Saturday, 25 February 2012 (25 February 2012). "Snapdeal.com awarded eRetailer of the year; Also wins Best Advertising campaign of the year award". India PR Wire.{{cite web}}: CS1 maint: numeric names: authors list (link)
  30. ^ "2011 RED HERRING TOP 100 ASIA". RED HERRING.
  31. ^ 21 January 2012 (21 January 2012). "And The Winners Of WAT Awards 2012 Are……Congratulations To All!". WAT Blog.com.{{cite web}}: CS1 maint: numeric names: authors list (link)
  32. ^ 27 February 2012 (27 February 2012). "7th Edition of India's Buzziest Brands". Afaqs.{{cite web}}: CS1 maint: numeric names: authors list (link)
  33. ^ "Indian village named for a god now honors SnapDeal.com". www.cnn.com. Cable News Network. Retrieved 24 October 2014.
  34. ^ "Snapdeal adopts village in Uttar Pradesh and residents renames village to Snapdeal.com". economictimes.indiatimes.com. Bennett, Coleman & Co. Ltd. Retrieved 24 October 2014.
  35. ^ Snapdeal, Amazon sales flop: Samsung, LG, Sony may be partly responsible
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