Snapdeal, in its bod to go full throttle on m-commerce front, has announced the acquisition of mobility solutions company Letsgomo Labs. The acquisition, like many of Snapdeal’s previous ones, is an acqui-hire.
As per the deal, the team of Letsgomo Labs will join Snapdeal to work on improving it’s mobile technology capabilities. The financial details of the deal are not yet disclosed.
Letsgomo was founded in 2011 by Vikas Banga and Manav Kamboj. It provided solutions like building mobile strategies, conceptualization of apps and mobile sites, implementation and hosting.
It has worked for companies in Silicon Valley, Europe and India, including Yatra.com, Jaypore, HealthKart, etc. The company has team of about 76 people.
Manav Kamboj, co-founder of Letsgomo Labs, said,
We strongly believe that new-age technology innovations will happen here. Mobile will continue to drive e-commerce. We look forward to building world-class mobile technology at Snapdeal.
In a statement, Rohit Bansal, co-founder of Snapdeal, said,
Over 75 per cent of our sales now come through mobile platforms, and the Letsgomo team becoming part of our family will further propel our efforts in this direction. Mobile is one of our key focus areas, and in a span of just two years, the medium has proved to be one of the biggest growth drivers for the company
The company also claimed in the statement that with the acquisition of Freecharge in April for about $400 million, it has become the largest m-commerce company of India.
Recently, Snapdeal acquired mobile-tech startup MartMobi to strengthen its mobile platform for merchants along with real-time analytics engine to improve conversions and user engagement.