Snapdeal’s galloping progress
14 Jun 2011
- 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'
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
- 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
- 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.
‘Wishpicker’ acquired by Snapdeal
11 Dec 2014
- Noida based tech firm wishpicker.com was acquired by Jasper Infotech, the company that runs Snapdeal.com.The transaction amount was not revealed.
- Wishpicker's business was to suggest gifting options to users based on their personality as well as the liking of the receiver.
- Wishpicker was formed by IIT-Delhi graduates Apurv Bansal and Prateek Rathore in 2013.
Snapdeal grew 600% in 2014, says its CEO
1 Jan 2015
- 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 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.
FIR filed against Snapdeal for selling drugs
2 Jun 2015
- Maharashtra's FDA (Food and Drug Association) filed a FIR against Snapdeal for selling prescription drugs online.
- A FDA official ordered sildenafil citrate and emergency contraception pills from Snapdeal and got it delivered.
- FDA raided the company's Mumbai premises last week
- Snapdeal said it would stop online sale of prescription drugs. The FIR also named retail sellers of the drug
Snapdeal's newest acquisition: Letsgomo Labs
16 Jun 2015
- Snapdeal has announced that it has acquired Letsgomo Labs, a mobility solutions company to enhance its mobile technology capabilities.
- The acquisition has been done keeping in mind that 75% of Snapdeal's sales comes through mobile platforms.
- It had recently acquired another mobile technology start-up - Martmobi as well as hired a new Chief Product Officer-Anand Chandrasekaran, to build a robust mobile commerce platform.
$500 million fresh funding for Snapdeal
19 Aug 2015
- 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 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, 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.
In biggest single ecommerce deal, Snapdeal gets Rs 3,762 cr investment from Softbank - Financial Express
Another one bites the dust in ecommerce space! Now Anand Chandrasekaran quits Snapdeal - The Economic Times
Snapdeal acquires mobile recharge and m-commerce company Freecharge, for a reported Rs 2,800 crore | Latest Tech News, Video & Photo Reviews at BGR India