Snapdeal.com Acquires Online Sports Retailer eSportsbuy.com
Snapdeal.com has acquired Delhi based eSportsbuy.com, an e-retailer of sports goods and fitness equipment. The company was started by Prateek Agarwal and Amit Monga, both graduates of Indian Institute of Technology who worked with companies like Amazon and IBM. The company, started about a year ago, has built a wide range of quality sports products across hundreds of national and international brands. Read our earlier coverage of eSportsbuy here.
Speaking on the acquisiton Kunal Bahl, CEO of Snapdeal.com said, “Indian sports goods market is slated to become a $2.7 billion industry by 2014, and given that the offline market for this sector is highly fragmented, and unorganized to a large extent, it is a great opportunity for an e-commerce player like Snapdeal, to bridge the gap in demand and supply. The team at eSportsbuy has done a great job in building a strong supply side network of sports and fitness products. Through this acquisition, we will be able to provide this wide assortment at great prices to Snapdeal’s 15 million members.” This also happens to be Snapdeal’s second acquisition after grabbon.
Earlier this year, Flipkart acquired Letsbuy, an online electronic consumer market. And, looks like with Amazon entering India soon, we can expect more of mergers and acquisitions happening in this space.