Snapdeal Success Story: How a Small Startup Became India’s Largest Online Marketplace
There are many startup stories in the world of business, but few are as incredible as the story of Snapdeal.
In 2010, two young entrepreneurs set out to change the way Indians shop online. Kunal Bahl and Rohit Bansal were fresh out of college and had big dreams for their new startup, Snapdeal.
At the time, India’s eCommerce market was in its infancy, and the two founders were determined to make their mark.
Eight years later, their small startup has become India’s largest online marketplace! In this startup story, we will take a closer look at how Snapdeal became such a huge success.
How Snapdeal Became One of the Leading E-commerce Players in India
In 2010, two young entrepreneurs, Kunal Bahl and Rohit Bansal, decided to start their own company. At the time, online retail was still in its infancy in India.
The two friends pooled their savings and started a small online marketplace called Snapdeal. Over the next few years, they worked tirelessly to grow their business and make it the largest online marketplace in India. Today, Snapdeal is a household name in India, and has helped revolutionize the way Indians shop online!
Who is the founder and CEO of Snapdeal?
When Kunal Bahl and Rohit Bansal founded Snapdeal in February 2010, they had a big goal: to make India’s largest online marketplace.
At the time, India’s e-commerce market was tiny compared to countries like China and the United States. But Kunal and Rohit believed that with hard work and determination, they could achieve their goal.
And they did! In short time, Snapdeal became India’s largest online marketplace, with over 250 million users and more than $6 billion in annual sales.
What is Snapdeal and how did it come about?
It is an online marketplace that offers a wide variety of products from different sellers. It was founded in 2010 by Kunal Bahl and Rohit Bansal, who were both 22 years old at the time. The two entrepreneurs met while studying at Delhi University’s Shri Ram College of Commerce.
They started Indian e-commerce company as a daily deals site, similar to Groupon. However, they quickly realized that the Indian market was not yet ready for such a service. They pivoted and decided to focus on selling products instead.
Today, this startup is India’s largest online marketplace, with over 300,000 sellers and 60 million products. It receives around 30 million visits per day and has a customer base of over 50 million.
So how did this small startup become so successful? Let’s take a look at some of the key factors that contributed to Snapdeal’s success.
A large part of Snapdeal’s success can be attributed to its aggressive marketing campaigns. The company was one of the first ecommerce businesses in India to invest heavily in marketing.
It ran a series of ads featuring Bollywood celebrities like Shah Rukh Khan and Ranveer Singh. These ads helped raise awareness about Snapdeal and encouraged more people to try it out.
In addition to its marketing efforts, online marketplace has also focused on building trust with its customers. It offers a 30-day return policy and a hassle-free refund process.
It also has a buyer protection program that covers buyers in case they receive faulty or damaged products. These policies have helped build trust with companys’ customers and encourage them to keep coming back.
Who invested in Snapdeal?
The company has been able to grow its business by making strategic partnerships. In 2014, it partnered with Alibaba, the world’s largest ecommerce company.
This partnership helped this online marketplace attract more Chinese sellers to its platform. In 2016, Snapdeal also partnered with SoftBank, one of the biggest venture capital firms in the world.
Some of the top investors in Snapdeal include eBay, BlackRock, Temasek, Myriad Group, Foxconn, Inc., Mr. Ratan Tata, Clouse SA, Premji Invest, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital, Kalaari Capital, Cambrian Ventures, and Iron Pillar.
These investment gave startup a much-needed boost and helped it expand even further.
What are some of the successes that Snapdeal has achieved over the years?
Since its launch, Snapdeal has achieved many milestones. In 2012, it became the first Indian ecommerce company to receive funding from a global investor when it raised $50 million from eBay.
In 2014, it was ranked as one of the top three startups in India by Forbes magazine. The same year, it was also ranked as the fastest-growing ecommerce company in India by Deloitte.
Snapdeal has continued to grow at an impressive rate. In 2016, it was the second-largest ecommerce company in India after Flipkart. And as of 2017, it is the largest online marketplace in India with a market share of around 30%.
The company has also been expanding beyond India. In 2015, it launched Snapdeal China, which is a separate platform for Chinese sellers. And in 2016, it acquired FreeCharge, a popular digital wallet service in India.
These are just some of the many successes that Snapdeal has achieved over the years. It’s clear that this small startup has come a long way and shows no signs of slowing down.
Some of the key factors that have contributed to Snapdeal’s success include aggressive marketing campaigns, a focus on building trust with customers, and strategic partnerships.
If you enjoyed this startup story, be sure to check out our other Indian startup success stories. Also check out our Indian entrepreneurs success stories!
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