Here's how Snapdeal's acquisitions mirror its evolution
Online marketplace Snapdeal’s has been a story of strategic acquisitions. On Monday, the five-year-old firm announced its 10th acquisition, with its buyout of Gurgaon-based Letsgomo Labs.
Four-year-old Letsgomo, founded by techies Manav Kamboj and Vikas Banga, helps companies go mobile.
The buyout again reiterates the almost single-minded focus the Delhi-based online marketplace has had on mobile in recent months.
“Mobile is one of our key focus areas and in a span of just 2 years, the medium has proved to be one of the biggest growth drivers for the company,” said Snapdeal’s Co-founder Rohit Bansal, when he announced the acquisition. Over 75% of the firm’s sales come through mobile platforms. In April, Snapdeal acquired mobile recharge platform FreeCharge and in May mobile technology platform MartMobi.
Acquisitions are not new for Snapdeal, which has raised around $1 billion in risk capital funding so far. In fact, it has used buyouts to speed up growth right from its days as a daily deals site.
We take a look at Snapdeal’s journey through its acquisitions