Anand Piramal, Executive Director of the Piramal Group has invested an undisclosed amount in Snapdeal, an e-commerce startup, based out of Delhi. The investment has been made by Anand in his personal capacity.
Anand Piramal said, “Snapdeal’s sharp execution in bringing a great selection to the mass market segment in tier 2-3 cities has been quite successful, leveraging the growing Internet penetration in these geographies. Since 2017, Snapdeal’s revenues have grown rapidly with profitable unit economics. With hundreds of millions of first-time e-commerce buyers yet to transact, Snapdeal is well poised to grow in the future.”
Snapdeal was founded by Kunal Bahl and Rohit Bansal in 2010. Snapdeal provides an online marketplace offering various products across different categories like electronics, mobile, books, fashion, and computers, among others.
While, the Piramal Group, headquartered in Mumbai, was founded in 1984. It is a diversified global business conglomerate, which has presence across various sectors such as healthcare, life sciences, drug discovery, healthcare information management, specialty glass packaging, financial services and real estate.
Snapdeal is a frontrunner in this market, bringing the relevant selection online for its customers at the right prices and creating a purchase experience that is similar to how India shops offline in the bazaars of India.
While, Snapdeal recently announced audited financial results for FY19. During FY19, its revenue soared 73 per cent and its loss dropped sharply by 71 per cent.
Furthermore, Snapdeal’s consolidated revenues grew to Rs 925.3 crore in 2018-19 as compared to Rs 535.9 crore in 2017-18, marking a sharp increase of nearly 73% in a 12-month period.