India’s Daily deals giant Snapdeal is in advanced talks to acquire an e-commerce company, two people with direct knowledge of the matter toldthe Economic Times.
The company which raised $40 million ( Rs 190 crore) in series B funding from Bessemer Venture Partners, along with its existing investors Nexus Venture Partners and Indo-US Venture Partners, last year, is looking to buy a small-to-mid-size portal that will allow it to expand beyond the group buying space, revealed one of these sources.
Launched in February, 2010, with retail lifestyle services, Snapdeal has diversified its offerings to include deals on luxury goods and gadgets, apparels, cosmetics, jewelry, books, movies etc. It has operations across 50 cities in India, and partnerships with over 10,000 brands and retailers across various categories. In June 2010, Snapdeal bought Bangalore-based group buying site Grabbon.com for an undisclosed amount.
Just last week, Flipkart announced that it was acquiring consumer electronics retailer Letsbuy in a cash-and-stock deal estimated to be worth $20 million. The e-commerce market it booming, and more mergers and acquisitions are on the way. For now, let’s keep our eyes open to Snapdeal’s upcoming acquisition.
Thanks for sharing the information about snapdeal company. This is really a very good online shopping portal to buy products according to someone's need. snapdeal deals of the week are always very good and profitable.
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