Case Study : ' S Formation History Essay

1393 Words6 Pages
1.0 INTRODUCTION 1.1 BACKGROUND 1.1.1 SNAPDEAL’S FORMATION HISTORY The company website www.snapdeal.com (2015) indicates that Snapdeal was founded by Kunal Bahl and Rohit Bansal on 4th February 2010 as a daily deals platform. It was later expanded to become an online marketplace in September 2011. Snapdeal is a private company that has grown to become one of the largest online market platforms in India. Headquartered in Okhla New Delhi, the company offers an assortment of 10 million products across diverse categories from over 80,000 sellers shipping to over 5000 cities in India. 1.1.2 FINANCIAL PERFORMANCE In 2012-13, Snapdeal announced that it had expected revenues of approximately 600 crore equivalent to US$91 million. The Times of India (2013) reports that at the time, with full of optimism, the company CEO Kuna Bahl announced that 15-20 % of the sales at Snapdeal emanated from m-commerce. He added that snapdeal.com expected its sales of different products on its platform to be over 2000 crore which was equivalent to US$300 million in the fiscal year 2013-2014 aided by its rapid growth in the past 2 years and the growing e-commerce popularity in India. The Times of India (2013) further indicates that in June 2014, Snapdeal reported that it had successfully achieved its milestone of 1000 sellers on the company’s platform by getting sales of over Rs 1 crore. 1. Funding Alexa (2012) discusses Snapdeal’s recent funding as follows: In round one which was in January 2011,
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