Ecommerce in India is rising as fundings are creeping in from all sides. Acquisition seems to be on the round and in the coming days Indian site may see few acquisitions. Group buying portal Snapdeal, one of the India’s largest deal providers across services and product, is in advanced talks to acquire an e-commerce company soon, according to iamwire’s sources.
Last year Snapdeal raised $40 million one of the biggest fundraising deals by an e-commerce firm. The portal is looking to buy a small-to-mid-size portal that will allow it to expand beyond the group buying space, one of them said without providing more details.
Earlier, Flipkart announced that it was buying consumer electronics retailer Letsbuy in a cash-and-stock deal estimated to be worth $20 million. Amazon.com, the world’s largest online retailer, is also hastening the consolidation by its measured moves into the Indian e-commerce market through junglee.com.
In June 2010 Snapdeal acquired group buying site Grabbon.com for an undisclosed amount. However, Snapdeal is yet to answer an email by Iamwire on their latest plans and acquisitions. Snapdeal.com features one attractive deal daily, with discounts of up to 90% on dining, health and beauty, recreation, entertainment, travel, sports and more. The snapdeal.com has 4 million subscribers, with a new subscriber signing up every second, was recently ranked the 21st most trafficked site in Asia by web usage tracking firm Alexa.
In the year 2011, Snapdeal.com received $12 million from Nexus Venture Partners and Indo-US Venture Partners. It also signed a partnership with Microsoft whereby users of Internet Explorer 9 would be able to track the deals right from the taskbar by pinning the site.