Snapdeal's galloping progress

14 Jun 2011
Snapdeal's galloping progress,The story of Snapdeal
  • Snapdeal was launched in 2010 on the model of Groupon, the world's largest online deals seller.
  • The revenues of the company had been growing at 100%, selling unused inventories. It took a 35% cut for any deal from the merchant.
  • Vinod Dham, a well-known silicon valley investor, along with Bazee.com co-founder, Suvir Sujan, had invested $12 million in the company.

A village named 'Snapdeal'

Fact
Information

In 2011, Shiv Nagar, a village in UP, was renamed as Snapdeal. com nagar after the company installed 15 hand pumps in the village.

Business model changed from coupons to e-commerce

26 Jan 2012
Business model of snapdeal
  • Within 2 years of its launch, Snapdeal changed from a group discounting website to one of the largest e-commerce sites in India.
  • Kunal Bahl, the company's CEO and co-founder said that deals could only serve as the entry point into the life of the customer.
  • Bahl stressed that Snapdeal's model was more customer centric than Groupon.

Snapdeal gets Rs 3,762 crore from SoftBank

28 Oct 2014
Snapdeal funding,Snapdeal funding from Softbank
  • Japan based internet and telecom giant SoftBank invested $627 million in Snapdeal.
  • The announcement came after SoftBank told about its plans to invest $10 billion in India, marking the country as 'its top priority'.
  • Snapdeal planned to use the amount to make acquisitions in the near-future.
  • Snapdeal was also planning to open a R&D centre in Bangalore.

Snapdeal grew 600% in 2014, says its CEO

1 Jan 2015
Snapdeal grew 600% in 2014
  • Snapdeal termed 2014 as a phenomenal year with 65% of the orders coming through mobile devices.
  • The Delhi based firm said that it emerged as one of the top five searched sites on the internet in the country in 2014.
  • Kunal Bahl, the company's CEO, said that Snapdeal had reached over 40 million people.
  • Snapdeal, as of this time, offered over 5 million products.

Snapdeal acquires FreeCharge for Rs 2,800 crore

8 Apr 2015
Snapdeal acquires FreeCharge
  • Snapdeal announced the buyout of FreeCharge for $400 million.
  • This is the largest acquisition by an Indian company. This overtakes Flipkart's $370 million acquisition of Myntra last year.
  • The combined entity will now have over 1 million mobile based transactions every day.
  • FreeCharge's user base in more than 20 million.

$500 million fresh funding for Snapdeal

19 Aug 2015
fresh funding for Snapdeal
  • Snapdeal raised $500 million in fresh funds from Chinese e-commerce firm Alibaba Group, Foxconn Technology Group and existing investor SoftBank Group.
  • This transaction would value Snapdeal at more than $5 billion.
  • FIH Mobile, a unit of Taiwan's Foxconn said it was buying a 4.27% stake for $200 million.
  • On the other hand, eBay - an existing investor, sold a portion of its stake.

Snapdeal raises new round; valuation up by $2 billion

15 Feb 2016
Snapdeal raises new round
  • Snapdeal has raised another $200 million or ₹1,367.6 crore, just seven months after it raised $500 million.
  • Ontario Teachers' Pension Plan, Brother Fortune Apparel and Iron Pillar were the major investors in this current round of funding.
  • With the latest round of funding the company has been valued above $6.5 billion, making it the second most valued ecommerce company in India after Flipkart.

Anand Chandrasekaran resigns as Snapdeal CPO

24 May 2016
Anand Chandrasekaran resigns as Snapdeal CPO
  • Anand Chandrasekaran, who had joined Snapdeal a year ago, has resigned as the e-commerce giant's Chief Product Officer.
  • Further details weren't revealed; also Chandrasekaran's next move is undisclosed.
  • The Stanford University alumni resigned as Airtel's CPO to join Snapdeal in June'15.
  • Bidding farewell, Snapdeal Co-founder Rohit Bansal tweeted today that he was proud of the 'super work' done by Chandrasekaran and his product team.

Housing CEO Jason Kothari joins Snapdeal

11 Jan 2017
Housing CEO Jason Kothari joins Snapdeal
  • Jason Kothari, who steered Housing.com toward a merger with PropTiger, has been appointed as the Chief Strategy and Investments officer at Snapdeal.
  • The company said Jason would be involved with leading strategy, raising new capital, investments and strategic partnerships, as well as managing Snapdeal's portfolio.
  • Snapdeal added that Kothari would work alongside founders Kunal Bahl and Rohit Bansal.

Snapdeal losses increased in FY16

18 Jan 2017
Snapdeal losses increased in FY16
  • Snapdeal posted a 150% increase in its losses from March'15; from ₹1,328 crore to ₹3,316 crore.
  • In the same time period, revenue grew by 56% from ₹933 crore to ₹1,457 crore.
  • The company said "there was an increase in fulfilment and overhead expenses," due to new infrastructure investments.
  • Snapdeal slipped to number 3 from number 2 in the Indian e-commerce space in 2016.