Snapdeal Acquires Hyderabad-based Mobile Technology Startup MartMobi
India’e E-Commcerce firm Snapdeal has acquired Hyderabad-based mobile technology startup, MartMobi for an undisclosed amount, a move that will help the firm strengthen its mobility platform for merchant partners. MartMobi was the first Indian startup that was selected for the US-based startup accelerator TechStars last year. Founded by Pramod Nair and Satya Krishna Ganni, MartMobi creates mobile sites and apps for e-commerce stores, small and medium-sized businesses.
"We are focusing on mobile platform as about 75 per cent of orders are coming from mobiles-based devices. On the merchant side too, we are witnessing similar trends. The MartMobi team is a great addition as it will help strengthen the platform for sellers,” Snapdeal co-founder and COO Rohit Bansal told PTI.
With over 150 clients, MartMobi enables seamless connectivity with the customers' existing back-end systems in addition to a real-time analytics engine to improve conversions and user engagement. Currently, it has a 15 member team.
MartMobi was one of the 10 startups selected for the TechStars accelerator program, in May last year. The startup received $18,000 seed funding as part of the program. The startup was also part of IIIT–Hyderabad’s Centre for Innovation and Entrepreneurship.
This year alone, Snapdeal acquired payments and mobile recharge startup Freecharge in a cash-and-stock deal (estimated at $400-450 million) as well as picked up stakes in digital financial services platform RupeePower and logistics venture GoJavas.
This has been a busy year for Snapdeal. It has made quite a few acquisitions and added several members to its top management team:
– In April, Snapdeal acquired online recharge and couponing site Freecharge. The value and terms of the deal weren’t disclosed, but the deal was pegged at a value of about $450 million (Rs 2,800 crore), which makes it the biggest such deal in the Indian consumer internet industry, eclipsing Flipkart’s acquisition of Myntra for about $330 million.
– A month earlier, Snapdeal had acquired a majority stake in Gurgaon-based financial products and services platform RupeePower for an undisclosed amount. Following the deal, Snapdeal will offer a financial services marketplace, where you can expect to get home, auto and personal loans, credit cards and extended warranty among other services.
– In March, Snapdeal had also picked up a minority stake in logistics firm GoJavas to strengthen its supply chain infrastructure.
Snapdeal has been on an acquisition spree as it seeks to compete with players such as Flipkart and Amazon for a slice of the $3 billion Indian e-commerce industry.
"We are focusing on mobile platform as about 75 per cent of orders are coming from mobiles-based devices. On the merchant side too, we are witnessing similar trends. The MartMobi team is a great addition as it will help strengthen the platform for sellers,” Snapdeal co-founder and COO Rohit Bansal told PTI.
With over 150 clients, MartMobi enables seamless connectivity with the customers' existing back-end systems in addition to a real-time analytics engine to improve conversions and user engagement. Currently, it has a 15 member team.
MartMobi was one of the 10 startups selected for the TechStars accelerator program, in May last year. The startup received $18,000 seed funding as part of the program. The startup was also part of IIIT–Hyderabad’s Centre for Innovation and Entrepreneurship.
This year alone, Snapdeal acquired payments and mobile recharge startup Freecharge in a cash-and-stock deal (estimated at $400-450 million) as well as picked up stakes in digital financial services platform RupeePower and logistics venture GoJavas.
Snapdeal Acquisitions:
This has been a busy year for Snapdeal. It has made quite a few acquisitions and added several members to its top management team:
– In April, Snapdeal acquired online recharge and couponing site Freecharge. The value and terms of the deal weren’t disclosed, but the deal was pegged at a value of about $450 million (Rs 2,800 crore), which makes it the biggest such deal in the Indian consumer internet industry, eclipsing Flipkart’s acquisition of Myntra for about $330 million.
– A month earlier, Snapdeal had acquired a majority stake in Gurgaon-based financial products and services platform RupeePower for an undisclosed amount. Following the deal, Snapdeal will offer a financial services marketplace, where you can expect to get home, auto and personal loans, credit cards and extended warranty among other services.
– In March, Snapdeal had also picked up a minority stake in logistics firm GoJavas to strengthen its supply chain infrastructure.
Snapdeal has been on an acquisition spree as it seeks to compete with players such as Flipkart and Amazon for a slice of the $3 billion Indian e-commerce industry.
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