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Acquisitions in the dotcom space are hotting up.
Online shopping portal Snapdeal.com has bought Delhi-based eSportsbuy.com, it said in a press statement today.
eSportsbuy.com was started a year ago by IIT graduates Prateek Agarwal and Amit Monga, who have worked with companies such as Amazon and IBM. The portal retails international and national brands of sporting goods.
According to Mr Kunal Bahl, CEO of Snapdeal.com, “Indian sports goods market is slated to become a $2.7-billion industry by 2014, and given that the offline market for this sector is highly fragmented, and unorganised to a large extent, it is a great opportunity for an e-commerce player like Snapdeal, to bridge the gap in demand and supply.”
Snapdeal itself is fairly new in the Indian online retail space having been launched in February 2010. It claims to have 15 million members.
Just two months ago books retailer FlipKart acquired Letsbuy.com in a cash equity deal that industry observers said signalled consolidation in the e-commerce space here. Recently, Amazon’s Junglee.com has also launched in India.
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