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.
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.
$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.
Snapdeal to make profit in 2 years
07 Feb 2017
- Snapdeal CEO Kunal Bahl said the company expects to become profitable in the next two years by cutting costs and boosting efficiency. The company recorded a loss of Rs.3,316 crore in FY16.
- He said they were currently not looking to raise capital unless they would make an acquisition.
- India's e-commerce market is touted to be one of the fastest growing in the world.
Oh Snap! Snapdeal to lay off 30% of its staff
11 Feb 2017
- Snapdeal is expected to lay off almost 30% of its staff, a move that will affect 5000 contractual workers and 1000 direct employees.
- The downsizing will help in cutting costs drastically as the investment coming in has largely decreased.
- Snapdeal has already begun with the laying off process.
- In February 2016, Snapdeal had laid off approximately 200 employees.
Snapdeal goes into cash-conserve mode
17 Feb 2017
- According to sources, Jasper Infotech Pvt. Ltd, which runs Snapdeal, is looking to secure new funds immediately.
- Talks for a bridge round of funding with existing investor SoftBank were deferred because of differences over valuation, sending Snapdeal into a cash-conserve mode.
- Jasper Infotech reportedly had Rs.1,100-1,200 crore cash left in the bank and Rs.300-400 crore at FreeCharge at the end of 2016.
In biggest single ecommerce deal, Snapdeal gets Rs 3,762 cr investment from Softbank - Financial Express
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
Snapdeal asks managers to 'right-size' teams; to lay off nearly 30% staff in two months: report | Latest News & Updates at Daily News & Analysis