Cleaner chemistry: Ashok Boob, and turning entrepreneur at Thoughts on ideas. Home UpFront Take One: Big story of the day How Snapdeal is turning around its fortune How Snapdeal is turning around its fortune After being on the verge of shutting down in following a failed merger with Flipkart, the Gurugram-headquartered company has seen revenue surge and unique customers grow by focusing on value ecommerce.
By Manu Balachandran. Kunal Bahl, co-founder, Snapdeal. Related stories. Company profits move faster than sales. Revv Up, Your H'ness.
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The total revenue dipped marginally from Rs In the last two years, Snapdeal has sharpened its focus on the needs of the value-conscious buyers in India. Son might be just the man to bring TikTok back. The foray into grocery and delivery of essentials have also been pushed by local governments and allows these businesses to get curfew passes to stay operational during the lockdown period.
An obsession with self-improvement and productivity is taking over our lives, enabled by an ecosystem of wearable gadgets, bullet journals and apps. As the name suggests, Whiteboard Capital bet on founders even before their business plan is finalised and to help them refine their products, even if it means changing the model.
The company said in a press statement that its discreet shipping policy for sexual wellness products, access to variety and hesitation to purchase from an offline store, has been key drivers for growth in demand. The average order value for Flipkart stood at Rs 1, versus Rs 1, on Amazon, indicating that customers bought higher-value items from the Walmart-owned marketplace. NPS measures the loyalty of customers to a company.
The new round is expected to benchmark a new valuation for Snapdeal besides testing if its founders can win investor trust for the business after seeing a significant value erosion, said the first source mentioned earlier. Software requires a fairly deep understanding of customer needs and what technology makes sense, says Naren Gupta, co-founder of Nexus Venture Partners. The new marketplace will be called Suvideals.
The app has nearly half a million users, about 35, doctors and clinics in major cities, and four insurers. Snapdeal's 2. The company has moved away from competing with Amazon and Flipkart and is focused on what it calls value-conscious customers.
According to regulatory filing to the corporate affairs ministry by Jasper Infotech, which runs Snapdeal, had registered a net loss of Rs 3, crore in The company, whose founders fought a bruising battle last year with its investors as well as Flipkart to avoid being acquired by the rival ecommerce firm, posted revenue of Rs What's more, get timely notifications on your phone or tablet so that you don't miss amazing deals and offers.
Download the app right now and experience how fun it is to shop on your mobile! They started as high school friends and then went on to become business partners when they launched Snapdeal. Believe it or not, together, this duo walked away from a merger deal offered by Flipkart and envisioned and adopted an evaluated focus on the million value-conscious Indian consumers. It which runs e-commerce marketplace Snapdeal.
It operates as a holding company. The Company, through its subsidiaries, provides marketing and e-commerce services, such as offering discount vouchers at restaurants, movies, shopping, health packages, lifestyle products, travel, and entertainment. Back in , when the founders , Kunal Bahl and Rohit Bansal wanted to start their venture, they came up with an offline couponing business , which was named MoneySaver.
And hence, Snapdeal was founded on February 4, When it launched, it was primarily a daily deals platform, and then later in , it expanded to become an online marketplace. Since then, Snapdeal has grown to become one of the largest online marketplaces in India. The first big decision of this founder duo came in when inspired by the success of Alibaba , they wanted to create something on similar lines.
Hence they forfeited the current idea of deals platform and went all in creating Snapdeal as one of the top online shopping spaces in the country.
Clearly, for the founders, it was a make or break decision. This was primarily because of the fact that Snapdeal had a tremendous market share in the deals business at that point in time. Hence starting something new would have been very risky. Also, during this time, eBay was the only marketplace in India.
So ideally, this was a decision that was not for the short term and was taken keeping a very long-term picture in mind. Also, in November , the company joined the International Trademark Association INTA to support the protection of intellectual property on online marketplaces.
Snapdeal operates the digital B2C Business to customer marketplace, which allows third-party sellers to sell their products on the website directly to customers. The company operates a portfolio business model ; the company at its core operates a matchmaking business model , where it connects online sellers directly to online buyers. It also offers complimentary products such as delivery and logistical support to businesses to help encourage the use of its matchmaking platform.
As of today, Snapdeal is valued at a billion dollars and that very fact is the testament of the stellar vision the founders had in the beginning for the company.
Snapdeal usually comes up with a new tagline every year just before the festive season kicks in. In , it hired Bollywood actor Aamir Khan to reposition and promote the brand, with the message Dil Ki Deal a deal that tugs at your heartstrings.
In , Snapdeal pushed the message of discounts and savings with Bachaate Raho keep saving. Snapdeal, run by Jasper Infotech Pvt. Ltd has unveiled a new logo and tagline , Unbox Zindagi or Unbox Life , as it seeks to position itself differently in the hyper-competitive e-commerce business. As part of the makeover, the logo will now be in vermello a shade of red instead of the existing blue and red combination. Snapdeal directly competes with Amazon , Flipkart, Myntra , Shopclues, Club Factory and many such companies that have gone on to take a great market standing in the online shopping sphere.
Here is a list of all the funding rounds of Snapdeal:.
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