Anand Piramal Invests in Snapdeal
By MYBRANDBOOK
When the going gets tough, the tough gets going and now, Kunal Bahl and Rohit Bansal,Co-founder of Snapdeal will have a fresh breath they have received investment from Anand Piramal in the struggling times ,which have also felt by the global e-commerce giantsoperating in India including Flipkart and Amazon.
It is absolutely true that, one has to understand how to do business in India by touching the heart of Indian. With the announcement of Anand Piramal, Executive Director of the Piramal Group has invested undisclosed amount in Snapdeal, on his personal capacity. With this Snapdeal will start the strategy 2.0.
The development also comes just a month after Snapdeal’s acquisition talks with ShopClues fell through. One of the challenges Snapdeal faces is losing out on tech talent. After the merger with Flipkart fell through, the company went through a series of changes as part of its ‘Snapdeal 2.0’ vision and scripted a turnaround.
The need of the hour is on how to differentiate the business model, with a sharp focus on value-priced merchandise – the largest segment in retail as they are the leading player in this field by bringing the relevant selection online for its customers at the right prices and creating a purchase experience that is similar to how India shops offline in the bazaars of India.
Commenting on the investment decision in Snapdeal, Anand Piramal said, “Snapdeal’s sharp execution in bringing a great selection to the mass market segment in tier 2-3 cities has been quite successful, leveraging the growing Internet penetration in these geographies. Since 2017, Snapdeal’s revenues have grown rapidly with profitable unit economics. With hundreds of millions of first-time e-commerce buyers yet to transact, Snapdeal is well poised to grow in the future.”
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