Snapdeal buys financial services startup RupeePower
Snapdeal, India's largest e-commerce marketplace , has acquired financial services startup RupeePower.
Founded in 2011 by Tejasvi Mohanram, RupeePower has helped disburse credit worth Rs 1,500 crore through its platform. It has partnered with some of the major banks including State Bank of India, ICICI Bank and Standard Chartered Bank. Snapdeal, which claims to own about a third of the Indian e-commerce market, will be a majority shareholder in the company.
The acquisition is part of Snapdeal's strategy to expand its footprint-its founder Kunal Bahl calls it increasing 'liquidity' for buyers.