After acquiring mCommerce payments firm Freecharge earlier this month, now Indian eCommerce company Snapdeal is aiming to make up to 10 more investments this fiscal year, to take on Flipkart and Amazon. The company has earmarked 60% of its budget for technology and acquisitions, and targeted buyout opportunities in the mobile and data analytics space.
“We may end up making a total of 10 (acquisitions) this (financial) year, subject to something being there that is interesting,” Kunal Bahl, cofounder and chief executive of Snapdeal, said in an interview to ET.
Snapdeal had acquired FreeCharge for $450 million in cash and stock, now Snapdeal would have a Paytm like model with payments, recharges and eCommerce integrated.
Snapdeal has made total 8 acquisitions till now including digital financial products distribution platform RupeePower, members-only shopping site Exclusively.com, gift recommendation firm Wishpicker, socially nurtured marketplace Doozton, handicraft marketplace Shopo.in, sports eCommerce store eSportsBuy.com, and group buying site, Grabbon.com.
Jasper Infotech which owns Snapdeal has secured a total funding of $1.1 billion in 8 rounds from 16 investors including Bessemer Venture Partners, Indus Ventures, Nexus Venture Partners among others. In October 2014, it had received $627 million from Japanese telecom and internet corporation, Softbank.