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Anand Piramal invests in Snapdeal in personal capacity

26
Jul '19
Pic: Shutterstock
Pic: Shutterstock
Piramal Group executive director Anand Piramal has invested in Snapdeal in his personal capacity, the latter said recently. The size of the investment was, however, not disclosed. The company said its Snapdeal 2.0 strategy allowed it to ‘rapidly build a differentiated business, with a sharp focus on value-priced merchandise—the largest segment in retail’.

The Gurugram-based SoftBank-backed e-commerce firm has been focusing on unbranded goods in tier-II and tier-III towns and cities. Since 2017, its 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,” Piramal said in the statement issued by Snapdeal.

In its recently announced full year financial results for financial year 2018-19, Snapdeal’s revenue rose 73 per cent to around 925.3 crore and its loss dropped by 71 per cent to around 186 crore.

Traffic on Snapdeal’s marketplace rose 2.3 times to 70 million unique monthly users and the number of transacting users grew 2.2 times in the past 12 months, Indian media reported citing company information.

Snapdeal said over 80 per cent of its users came from small towns and cities and in the past two years, Snapdeal has added over 60,000 new seller partners, who have added over 50 million new listings. This takes the tally to more than 500,000 registered sellers, who have more than 200 million listings on the marketplace. (DS)

Fibre2Fashion News Desk – India


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