Started in the times of Letsbuy, in consumer electronics etailing genre, BuythePrice.com, has now merged with tradus.com. Tradus will be handling all the vendor relations and catalogue of buytheprice as per the notice on buytheprice (BTP), with domain being routed to buytheprice.tradus.com
With the challenges faced in handling electronics etailing low margins and high customer acquisition cost buytheprice pivoted to the marketplace model in around Dec 2011 with stealth mode for an year. It was though in the constant approach to build its product for marketplace model and adapt data and analytics to support conversions.
Unlike letsbuy which sticked to electronics till the time of sellout, buytheprice expanded its sellers listing to jewellery, cosmetics, sports equipment categories to move towards fully fledged marketplace. It got angel funding from Rajan Anandan, Rehan Yar Khan, Sunil Kalra and among several others in 2010. It raised INR 8.5 crore funding from Naspers in Feb 2012.
With several (still can count on fingers) virtual marketplaces popping up nowadays, the exit of a such an upcoming model can raise obvious questions? Or can raise questions on the overall know how with the industry in running a successful ecommerce business? In India where every Website Development company can start an ecommerce website, what is the execution gap is the question? Or its just Nasper’s passion towards Tradus.com?
After the acquisition of BTP, tradus will gain its decent base in south. BTP was receiving daily traffic of 1,00,000+ visits and was looking to raise $4-5mn for survival till Feb 2012 when Naspers finally made its sweet move. This can be the inception of the acquisition deal that has come in public domain now as BTP suffered the social stigma of VC funding in ecommerce after the Letsbuy’s debacle.
Started in March 2010, the company claimed 1,000 daily transactions and INR 3 crore revenue in the first year of existence in September 2012. It was one of the few ecommerce companies based out of Hyderabad.
Nasper’s other portfolio companies includes Ibibo, Flipkart, PayU, Gaadi.com, OLX.