The news of flipkart merging with myntra is going to be official any time now, but other Indian e-commerce start-ups don’t want to be left behind. In a bid to counter the heavyweights of Indian e-commerce, Snapdeal has now acquired a fashion discovery site, Doozton, a start-up which is just an year old.
Today, another Indian e-commerce start-up, Snapdeal.com has acquired a bootstrapped startup, which is less than a year old. The startup is Doozton.com, which allows you to discover fashion, in a completely new way.
None of the companies has disclosed the financial terms.
“The technology built by Doozton will enable an artful and personalized way of listing and suggesting fashion merchandise on Snapdeal, making the acquisition fruitful for burrs and sellers on the platform. At Snapdeal, we have seen a 10x growth in our fashion categories in the last 12 months, and we foresee the benefits of this acquisition will further boost this growth,” said Snapdeal co-founder Rohit Bansal.
This new acquisition by Snapdeal comes after eBay recently invested a whopping $134 million in the e-commerce start-up.
The growing interest of investors in India’s rapidly growing e-commerce industry can be seen from the amount which flipkart, myntra and now snapdeal have been raising. Recently, Myntra received a 4th round of funding worth $50 million by PremjiInvest, Belgian-based Sofina, Accel and Tiger Global, taking the total capital raised to $125 million as of now.
Flipkart.com, India’s largest e-commerce player, has already been valued at over $2.5 billion within its years of existence.
Not only this, another small start-up, bluegape.com, an online merchandising startup, recently tied up with the illustrious Indian Premier League, as their official and sole merchandise partners.
India’s Online fashion industry nearly doubled in value from $278 million in 2012 to $559 million in 2013.