The trend is in sync with other larger platforms like Amazon.in and Walmart-owned Flipkart that are seeing strong traction from smaller towns in the country.
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This partnership offers RuPay's nearly 600 million users an instant 20 percent discount when they use their debit or credit cards to buy on Snapdeal in the coming festive season.
The first leg of the sale will go on until October 6 and the next two will run in the second and third weeks of October.
In the last two years the e-commerce platform has added more than 60,000 new vendor partners, who have added over 50 million new listings in the marketplace.
In this episode of Reporter’s Take, Sakshi Batra gets in conversation with Priyanka Sahay to give us an exclusive on Titan Capital and future plans of both founders.
A source told Moneycontrol that Titan Capital was launched earlier this year although there hasn't been much activity on the investment front.
The other investors who are interested in the round are a clutch of smaller Chinese and American investors
Tata group company filed a civil law suit against certain sellers and Snapdeal, after the e-commerce major ignored its complaints
More than 80 percent of the company's customers are from non-metro cities.
They were booked for cheating under section 420 of the Indian Penal Code after businessman Indermohan Singh Honey complained that instead of a Woodland belt and a wallet, he was delivered fakes.
This is the first investment in Snapdeal two years after it rejected its rival Flipkart's offer for an acquisition, and decided to go solo.
The condition of the company has deteriorated in the last few weeks after talks for an acquisition by its larger rival Snapdeal fell flat.
Snapdeal also claimed 2.2x and 2.3x growth in its transacting customer base and traffic respectively. The company now counts 70 million unique users per month.
According to the company, it had been receiving multiple consumer complaints regarding sale of counterfeit watches and calculators branded as Casio on Snapdeal.
Further, with an aim to boost the micro, medium, and small enterprises, she announced an interest subvention scheme with an outlay of Rs 350 crore for 2019-2020.
The transaction is expected to be a 100 percent purchase of Shopclues
The company, however, said it has no plans to introduce private labels as it would go against the interest of the registered sellers on the platform.
The company, which competes with larger rivals like Amazon and Walmart-owned Flipkart, said its 'Snapdeal 2.0 strategy' (launched in August 2017) has helped driving 3X growth in business volumes, while reducing costs by 90 per cent.
According to sources, Snapdeal has initiated preliminary discussions with Shopclues to evaluate a potential strategic alliance.
Kunal Bahl, the plucky co-founder and CEO of Snapdeal, is back on deal street.
The official said most of the sellers on Snapdeal are from the brick and mortar market and they are the ones who are going online.
The budget announcements come a day after the government refused to extend the deadline for the implementation of the revised foreign direct investment in e-commerce guidelines.
The position taken by these players is in contrast to that of giants like Amazon and Walmart-backed Flipkart who have sought an extension, stating that they need more time to understand the details of the framework.