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.
Snapdeal was started on 4th February 2010 as a daily deals platform but expanded in September 2011 to become an online marketplace. Snapdeal has grown to become one of the largest online marketplace in India offering an assortment of 10 million products across diverse categories from over 100,000 sellers, shipping to 5,000+ towns and cities in India. In March 2015, Snapdeal brought actor Aamir Khan for the promotion of its website in India.
Snapdeal has received 7 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.
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.
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. The round valued SnapDeal at $1,000,000,000.
Round 6: Snapdeal received its 6th round of funding in Oct-2014 from Softbank with investments worth $647 million in fresh capital.This makes SoftBank the largest investor in Snapdeal.
Round 7: Snapdeal received its 7th round of funding in Aug-2015 from Alibaba Group, Foxconn and SoftBank with investments worth $500 million in fresh capital.
In June 2011, Snapdeal acquired Bangalore-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 2015 March Sambhav Setia had join Snapdeal as a Co-Owner
In March 2015, Snapdeal acquired 20% stake in Gojavas.com.
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 financial products to customers. Mr. Tejasvi Mohanram, 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 the year 2012-13 Snapdeal had said that it expected revenues of about ₹600 crore (US$91 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 ₹2000 crore (US$300 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. In June 2014, Snapdeal announced that it had achieved the milestone of 1000 sellers on its platform getting sales of over Rs 1 crore.