Haier

Snapdeal bets on value commerce, rules out IPO for now

Softbank-backed e-commerce major Snapdeal had just a few months of cash left in July 2017 after walking away from a merger with Flipkart. It scripted a turnaround story with a new avatar, Snapdeal 2.0, cut its burn by over 90% and divested assets as part of an effort to be a more lean and focussed e-commerce company.

The pivot seems to have worked, with the platform witnessing a surge in buyers, especially from India’s smaller towns. Snapdeal co-founder and CEO Kunal Bahl spoke to ET NOW’s on the Covid19 effect on digital commerce, his plans to go public and if it will buy out the over 2% that Alibaba has in the company. Bahl, a prolific angel investor, also heads CII’s committee on e-commerce.-Times Now News

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