Ratan Tata invests in Snapdeal.com

New Delhi,27th August-2014,(IANS):Ratan Tata, chairman emeritus of Tata Sons, has made a personal investment in the online marketplace Snapdeal.com, a statement by the latter said here Wednesday.

Ratan Tata invests in Snapdeal.com

Snapdeal.com announced that Ratan Tata has made a personal investment in the company, the statement said.

However, the Delhi-based Snapdeal.com did not divulge the investment amount.

This is a very proud and exciting moment for the entire Snapdeal family. An investment by … Tata is an excellent validation of our focused strategy on building a long term enterprise and marks the start of a very important phase for the company, Kunal Bahl, co-founder and chief executive officer, Snapdeal.com said in the statement.

The four-year-old Snapdeal.com, which was started February 2010, has seen 600 percent growth year-on-year for the last two years and currently houses over 5 million products across 500-plus diverse categories from over 50,000 sellers. The company is run by a young team of 1,500-plus members, the statement added.

The announcement came a day after Snapdeal.com entered into a partnership with Tata Value Homes to sell apartments units of projects spread across various cities — Bangalore, Chennai, Pune, Mumbai and Ahmedabad.

With 243 million internet users, India’s e-commerce industry is growing at 38 percent year-on-year. Analysts expect the market, which is now $15 billion, to touch $100 billion in the next five years.

The Indian e-commerce industry is expected to spend an additional $500 million to $1,000 million on infrastructure, logistics and warehousing, leading to a cumulative spend of $950 million to $1,900 million till 2017-2020, a joint study by industry body Associated Chambers of Commerce and Industry of India (Assocham) and PwC said recently.

Posted by on August 27, 2014. Filed under Technology. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.