E-commerce marketplace Snapdeal has acquired mobility solutions company Letsgomo Labs to improve its mobile technology capabilities. Snapdeal is an Indian e-commerce company founded in the year 2010 by Kunal Bahl and Rohit Bansal.It offers more than 12 million products across 500 diverse categories. It includes products from thousands of regional, national, and international brands and retailers.
It has about 150,000 sellers and delivers its products to about 5000 cities and towns in the country and is the NO: 1 online shopping destination for internet users in India.Letsgomo Labs is a mobility solutions company founded by Manav Kamboj and Vikas Banga.It operates with a 76 member team the area of mobile technologies and strategic designing.
It also offers end to end mobility solutions to many ecommerce companies which strengthens their mobile capabilities. These include building up various mobile strategies, conceptualization of applications and mobile sites, its implementation and finally it’s hosting up.
The acquisition enables Snapdeal to improve its technological offerings and capabilities as the company gets 75% of its total orders via mobile-based transactions. Letsgomo helps Snapdeal in building a robust mobile commerce(m-commerce) platform and building a highly scalable, sustainable and future ready technology platform for the company.
Manav Kamboj, Co-Founder of Letsgomo said that there are a lot of technological innovations happening in the country and mobile will emerge be the main drive to the e-commerce in the country .So this acquisition will help Snapdeal utilize their mobile platform and set a new benchmark for the company in the online service industry .Snapdeal has also acquired the Hyderabad based Martmobi – a mobile technology start up for taking its mobile commerce to the next level.
Snapdeal have raised about $1.5 Billion from its investors. Some of the main investors include Ratan Tata, SoftBank, BlackRock, Temasek, eBay Inc., Premji Invest, Intel Capital, and Bessemer Venture Partners which provide them with in risk capital has for acquiring startups and thus improving their business.
