Snapdeal has acquired another company RupeePower in order to
expand the services it offers through its marketplace. Snapdeal has spent a
part of the $1.1 bn it recently raised from Softbank. The latest acquisition will
help Snapdeal to sell loans and other financial products on its platform. It
will enhance its capability. RupeePower sells loans and credit cards on its
platforms.
The company has not disclosed the terms of the acquisition.
However the company has made it clear that it will soon add financial products
to its marketplace. The company aims to provide loans to the tune of $1bn in
next two years.
Snapdeal is fiercely competing with Flipkart and Amazon in
the Indian market. There are other players who are targeting different segments
of the society through their niche products and offerings.
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