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Snapdeal eyes intl expansion, looking at south Asian mkts

Snapdeal eyes intl expansion, looking at south Asian mkts
PTI
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First Published: Sun, Sep 04 2011. 05 20 PM IST
Updated: Sun, Sep 04 2011. 05 20 PM IST
New Delhi: After its success in India, e-commerce portal Snapdeal is now looking at a foray into other Asian countries like Singapore, Malaysia and the Philippines this fiscal.
“We want to replicate our success in India in other South Asian countries like Singapore, Malaysia and the Philippines, markets which are similar to India, where people seek a good deal. We are looking for a partner for these markets,” Snapdeal chief executive director Kunal Bahl told PTI.
“We are hopeful of going international during this fiscal,” he added.
Snapdeal — which has a village named after it due to its corporate social responsibility activities there — offers deals on products, travels, services, entertainment and miscellaneous hobbies on its portals and is present in 50 cities.
The company is looking at closing the fiscal with a revenue of Rs 150 crore. Ranked 22nd in the country in terms of traffic on its website, Snapdeal gets a marketing fee on each deal and has already turned gross profit-positive.
“Earlier our target was Rs 100 crore, but the way business is growing, we should be able to cross Rs 150 crore. Our products business is doing phenomenally well and we are looking at bringing in apparel and lifestyle products as well,” Bahl said.
At present, the products business contributes about 20% of Snapdeal’s total business and the rest comes from its retail and travels verticals.
The company has raised over $50 million from global investors like Bessemer Venture Partners, Nexus Venture Partners and Indo-US Venture Partners.
“The investments are being used to expand our products business, further strengthen local and national merchant deals vertical and introducing innovations to enhance consumer and merchant convenience,” Bahl said.
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First Published: Sun, Sep 04 2011. 05 20 PM IST
More Topics: Snapdeal | Deals | Online Deals | e-Commerce | Shopping |