E-commerce major Snapdeal will invest USD 100 million (about Rs 665 crore) in Shopo, which was launched in July. Shopo is a mobile-only platform, which aims to bring small and medium businesses (SMBs) that cannot register on bigger e-commerce portals. Snapdeal looks to build up the recently launched venture into a one million seller-strong platform. The CEO of Snapdeal Kunal Bahl said the company will now pump in about USD 100 million over the next two years to expand the Shopo brand.
Points to Note
- Shopo was developed by a 14-member team.
- It allowed entrepreneurs to list their products without submitting any documents and avoid long verification procedures.
- Also, they did not have to pay Snapdeal any commission for the sale.
- Individuals selling anything from cakes to jewellery can click photo of their products and list on Shopo for sale.
- Shopo, which has a chat-based model to allow sellers to connect with buyers, is also looking at offering SMBs help with logistics and payment gateways.
Test Your Knowledge
In 2015, Snapdeal brought ___________ for the promotion of its website in India.
Name the mobile-payments company which was acquired by Snapdeal in April 2015?
The Founders of Snapdeal are
