Snapdeal has been on an acquisition spree for past few months, as it aims to diversify its standing from being just an online marketplace to a multi-purpose online transaction platform. The latest addition to that acquisition spree, is loans and credit provider Rupee Power, wherein Snapdeal has acquired a majority stake.
While the financials involved haven’t been disclosed, Snapdeal is saying that it is aiming to launch a financial services marketplace soon aims to provide over $1 Billion in loans in the next two users, through its new platform. The company is loking to partner with financial and lending institutes for the same, to provide them with a wider reach through its online platform.
Rupee Power has a unique algorithm in place to provide its customers with in-principle loan approvals, within just 15 minutes of applying. As a customer, you can instantly compare personalized loan / card offers from over 15 lenders (Banks, NBFCs and HFCs), apply online and also get an instant in-principle approval. The company has tied up with tied up with leading financial institutions and implemented their product offers, rules, criteria & processes to provide customers the best financial options every time they visit RupeePower.com
Online financial services has been a big buzz among online indian companies for quite some time now. And it has all the reasons to be in focus. While a few Indian startups are trying to make online financial services easy for consumers, the market is still pretty much fragmented and the reach, distributed.
With a major e-com player like Snapdeal going full force into online financial services, this could be a real big push to filling of that hole in India’s surging e-com market.
As for snapdeal, the company is now looking to bolster its presence on all fronts of the e-com pie. The company just recently acquired logistics firm GoJavas to get out of delayed courier product deliveries, and launch its in-house logistics platform.