Snapdeal -The Story of Indian Startup
Kunal Bahl and Rohit Bansal.
Snapdeal is one of the fastest growing e-commerce companies in India today with the largest online market place. In just two years, the company went from scrapping their group coupon business and starting an online marketplace to become a billion dollar company. Its year on year growth is almost 600%.The average age of the workforce at Snapdeal is 25. Their values – Innovation, Change, Openness, Honesty and Ownership drive them to press for greater success.
The company’s growth had been phenomenal but it is their continued effort to bring the best to the market and their zeal to succeed as the best B2C (Business to customer) marketplace is what sets them apart. Great ideas might be important for a business, but it is the confident implementation of those ideas and the right effort which are more important. It is action and not mere thought that gives results.
Snapdeal is an Indian e-commerce company 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.
Snapdeal was the brainchild of Kunal Bahl, a Jerome Fisher Program in Management and Technology graduate from University of Pennsylvania, and Rohit Bansal an IIT Delhi baccalaureate. The duo’s collaboration began in 2007-08 when they pitched in resources to start MoneySaver, an offline couponing business. The venture took off with a good start and 15000 coupons were sold in less than a quarter of a year.
It was after they met investor Vani Kola that the venture really took off. The first meeting did not go well but after another round of discussion, Vani Kola’s venture capital firm decided to invest in Snapdeal. Initially started as an offline business, Sneapdeal went online in 2010. It was a bumpy ride in the first few months. Mistakes were made, but lessons were learnt. It is this kind of hard work and diligent attempt to offer the best to the customers that gave Snapdeal its initial success.
However, the biggest decision of the founders came in November 2011. Inspired by the success of Alibaba, Rohit and Kunal wanted to create something on similar lines. The deals business was shut down and an online marketplace was opened instead.
It was a make or break decision. Snapdeal had a huge market share in the deals business at that time and starting something new was very risky and the move surprised the investors too. At that point of time, eBay was the only marketplace in India.
Acquisitions by Snapdeal
- In 2 June 2011, Snapdeal acquired Bengaluru-based group buying site, Grabbon.com.
- In April 2012, Snapdeal acquired esportsbuy.com, an online sports goods retailer based out of Delhi.
- In May 2013, Snapdeal acquired Shopo.in, an online marketplace for Indian handicraft products.
- In April 2014, Snapdeal acquired fashion products discovery site, Doozton.com.
- In December 2014, Snapdeal acquired gifting recommendation site, Wishpicker.com.
In January 2015, Snapdeal acquired a stake in product comparison website Smartprix.com.
- In February 2015, Snapdeal acquired luxury fashion products discovery site, Exclusively.in.
- 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.
In March 2015, Snapdeal acquired eCommerce management software and fulfillment solution provider, Unicommerce.com .
- In March 2015, Snapdeal entered into the financial services marketplace by acquiring a majority stake of RupeePower which provides a digital platform for financiram, the founder of RupeePower, would continue to be the MD & CEO of the company.
- In April 2015, Snapdeal acquired mobile-payments company FreeCharge.com.
- In September 2015, Snapdeal acquired Reduce Data, a programmatic display advertising platform.
- In August 2016, Logistics firm Pigeon Express acquired a 51% stake in GoJavas with Snapdeal holding 49% stake in the firm.
- Currently snapdeal have collaboration with Redbus, Uber, Cleartrip, Book my show, Urban clap, Zomato.
On the app of the Snapdeal you can able to use the above Services .
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