Leading online marketplace Snapdeal has acquired another marketplace called Shopo.in for an undisclosed amount.
Shopo.in is a marketplace for Indian designer and handicraft products.
Founded two years back by Theyagarajan S, the firm is backed by private equity fund Sequoia Capital and angel investor Sashi Reddi among other angels.
Speaking about this acquisition, Kunal Bahl, Co-Founder & CEO, Snapdeal.com said, “The Indian designer and handicrafts market is large but highly fragmented and the demand for such products is tremendous. Snapdeal’s mission is to provide a platform for small businesses across India to be able to sell to consumers nationally. The team at Shopo has built a strong supply side for niche Indian handicraft and designer products. With this acquisition, we will now provide these unique products at great prices to Snapdeal’s 20 million members, and warmly welcome Shopo’s sellers to leverage Snapdeal’s nationwide reach.”
Theyagarajan S., Founder and CTO, Shopo.in said, “Over the last two years, Shopo has built a unique marketplace for Indian products. The time has come to give the Shopo family a bigger platform. We are delighted to announce an acquisition by Snapdeal, India’s largest marketplace, and are confident that Snapdeal will give our sellers a larger audience that would love the ethnic and Indian design products that we have.”