Tata invests in Snapdeal.com
Updated: Aug 27, 2014 03:27:46pm
New Delhi, Aug 27 (KNN) Chairman Emeritus of Tata Sons, Ratan Tata has invested in India’s largest online marketplace, Snapdeal.com, although the amount invested has not been disclosed.
The move comes a day after Snapdeal.com and Tata Value Homes entered into a first-of-its-kind, strategic and exclusive partnership where the two brands will work towards revolutionizing the real estate sector in India. With this partnership, Snapdeal.com will foray into the real estate category and start selling apartments in Bangalore, Chennai, Pune, Mumbai and Ahmedabad, by the real estate major on its site, an official release said.
Commenting on Tata’s investment, Snapdeal co-founder and CEO Kunal Bahl said, “This stands testimony to the growth and success that we have seen in a short span of 4 years,” according to media reports.
Having raised about USD 400 million since its inception, Snapdeal which according to Bahl has seen 600 per cent growth year-on-year for the last two years, has invested about USD 100 million in logistics and operations to expand its presence in the USD 3 billion Indian e-Commerce market.
“An investment by a legendary and respected figure like Mr. Tata is an excellent validation of our focused strategy on building a long term enterprise and marks the start of a very important phase for the company,” Bahl said.
The online marketplace currently houses over 5 million products across 500 diverse categories from over 50,000 sellers.
Online retail in India has reached USD 12.6 billion in 2013-14 with an annual increase of 32.63 per cent as almost one million large and small retailers make use of online marketplaces to reach out to their customers, according to the Internet and Mobile Association of India (IAMAI).
In 2012, online retail amounted to USD 9.5 billion and online retail is expected to grow further as policy and FDI issues are addressed and delivery logistics improve.
Reports have also said that nearly one million large and small retailers make use of online marketplaces to reach out to their customers in India today. These online retailers represent a very wide range of categories including electronics, books, apparel, accessories, footwear and jewellery. (KNN Bureau)
The move comes a day after Snapdeal.com and Tata Value Homes entered into a first-of-its-kind, strategic and exclusive partnership where the two brands will work towards revolutionizing the real estate sector in India. With this partnership, Snapdeal.com will foray into the real estate category and start selling apartments in Bangalore, Chennai, Pune, Mumbai and Ahmedabad, by the real estate major on its site, an official release said.
Commenting on Tata’s investment, Snapdeal co-founder and CEO Kunal Bahl said, “This stands testimony to the growth and success that we have seen in a short span of 4 years,” according to media reports.
Having raised about USD 400 million since its inception, Snapdeal which according to Bahl has seen 600 per cent growth year-on-year for the last two years, has invested about USD 100 million in logistics and operations to expand its presence in the USD 3 billion Indian e-Commerce market.
“An investment by a legendary and respected figure like Mr. Tata is an excellent validation of our focused strategy on building a long term enterprise and marks the start of a very important phase for the company,” Bahl said.
The online marketplace currently houses over 5 million products across 500 diverse categories from over 50,000 sellers.
Online retail in India has reached USD 12.6 billion in 2013-14 with an annual increase of 32.63 per cent as almost one million large and small retailers make use of online marketplaces to reach out to their customers, according to the Internet and Mobile Association of India (IAMAI).
In 2012, online retail amounted to USD 9.5 billion and online retail is expected to grow further as policy and FDI issues are addressed and delivery logistics improve.
Reports have also said that nearly one million large and small retailers make use of online marketplaces to reach out to their customers in India today. These online retailers represent a very wide range of categories including electronics, books, apparel, accessories, footwear and jewellery. (KNN Bureau)
Loading...
