Popular e-tailer Snapdeal Acquires Wishpicker

To strengthen its base in the growing e-commerce sector in India, popular e-tailer Snapdeal has bought Wishpicker—the largest online gift shop founded by IIT-Delhi graduates Apurv Bansal and Prateek Rathore.

This is Snapdeal’s first acquisition after Japanese telecom and Internet giant SoftBank poured in $627 million in the online retailer this October.

The acquisition amount of Wishpicker deal hasn’t been disclosed yet, reveals a PTI report.

This fifth acquisition of Snapdeal comes at time when the industry is expected to reach at a value of $43 billion over the next five years.
In 2010, Snapdeal made its first acquisition by acquiring buying site Grobbon. In the later years, it bought sports e-tailer esportsbuy.com, Shopo.in, a website that sells handmade items and fashion discovery site Dootzon.

Reports in the Internet world suggest that Snapdeal, which is also aiming to take on its rivals like Amazon and Flipkart, would use the investments from Softbank to expand its base in India.
(Image: takingwings.com)