More news about Snapdeal’s aggressive ambition has come in. This time it is about the acquisition of products discovery platform Doozton.com. Doozton helps online product discovery in fashion & lifestyle categories, to help shoppers spot trending products and designs from online stores in India. Founded by Pushpendra Singh, an IIT Roorkee graduate, Doozton uses the buyer’s social connections to help discover products on online shopping sites.
Doozton seems to have a similar business model, as followed by Chennai based Voonik and Limeroad. When Doozton started in March 2013 the focus of the site was on fashion apparels, accessories and personalized suggestions on what to wear and buy online. But over time, the site expanded into helping product discovery for other lifestyle categories including home-decor, gifts and wedding shopping.
Speaking about their acquisition decision, Rohit Bansal, Co-Founder and COO, Snapdeal.com said it was the popularity that Doozton had among its users that swung the deal in their favour. The technology built by Doozton was another point that Snapdeal ticked on its list for acquistion. For Pushpendra Singh, the partnership made sense because of the reach and market access that Snapdeal can provide them.
Snapdeal has been very busy off late with its acquisition of Shopo.in, funding from eBay, online learning and education among others. What started as an coupouning and deals business successfully pivoted and grew as an ecommerce platform and then an ecommerce marketplace.
One of Snapdeal’s biggest competitor Flipkart is also closing in on a deal with Myntra, and to match the prowess that the Flipkart-Myntra entity will bring to the marketplace, Snapdeal may look at adding more power to its armour.
According to comScore, between December 2011 and December 2012, India saw a 50% growth in the number of Internet users. With 139 million Internet users, India accounts for 75 billion pageviews worldwide. Indians spend 52 billion minutes on the internet and last year alone, India added 15 million eCommerce users. eCommerce growth in India has also been directly proportional to Internet penetration in India, and industry experts peg the space to reach $70 billion by 2020.
While Myntra and Snapdeal may not be sitting across the table, one person we know who would be mighty pleased with any news about either of these companies is Vani Kola of Kalaari Capital.