Rumors Are Swirling About This Popular Lifestyle Outlet
As e-Commerce gains traction in India, a few frontrunners are assuming their positions at the top of shoppers’ minds. One of which, Myntra, has been in the news recently as having possibly secured another round of funding to equal $25 million with backing from American investors, Accel Partners and Tiger Global Management. If the rumors are true, the firm’s total funding would now total $74 million since its 2007 launch.
Indian e-Tailers Seeing Consolidation
Daily Deals e-Tailer Snapdeal has announced the acquisition of sporting goods and fitness materials site Esportsbuy.com for an undisclosed sum. Economic Times estimates the deal between $10M and $13M and some are calling the deal more of an “acq-hire” transaction (more of a personnel acquisition while phasing out the acquired business) rather than a traditional acquisition. While CEO Kunal Bahl has not confirmed any plans, speculators say that Snapdeal will eventually merge operations and cease them at Esportsbuy. Bahl elaborates, “Currently, we will keep both the brands. Esportsbuy will co-exist and its products will be available on Snapdeal as well. But we are still internally discussing what the future course should be.”
Accel & Tiger Global Decorate Foreign Portfolio
Rare is it to see one keen on beautifying themselves but not keen on beautifying their homes. It is for this reason that Zansaar, an Indian home décor online retailer, promises success as colorful as the items they sell. The recent online startup in the business of “adding style to your home” has raised $6M in funds from Accel Partners and Tiger Global. The money will be used towards Zansaar’s capital working requirements, supporting organic growth, maintaining inventory, and meeting marketing expenses. The company is also looking to expand its staff. It currently employs around 55 people and is looking to double this number in the upcoming months.