As the competition intensifies, e-commerce major Snapdeal has decided to spend $100 million (Rs 640 crore) over the next three years on research and development to enrich online shopping experience, according to media reports.
The company which has set up a centre in Bangalore, is investing heavily in new technology related to multimedia and image to stay ahead of the competition.
As part of its innovation efforts, it has launched a new website, 'Findmystyle.In', where users will be able to discover products of choice while saving time and effort.
Snapdeal had acquired a startup, Fashiate, in March this year for an undisclosed amount.
The three co-founders and research scientists -- Gaurav Aggarwal, Nikhil Rasiwasia and Deepthi Singh -- are now a part of Snapdeal's Multimedia Research Lab that has developed Findmystyle.
Snapdeal which raised about $1 billion last year, has eBay, Temasek, Myriad, Tybourne, Blackrock and Premji Invest among its investors. Tata Sons Chairman Emeritus Ratan Tata also invested in the company in his personal capacity. (SH)
Fibre2Fashion News Desk – India