Bangalore: Snapdeal, one of the India’s largest ecommerce company, has acquired Shopo.in, an online retailer for designer and handicraft products.

The details of the deal was not revealed, but Shopo.in website now states that it is part of Snapdeal, and any click on its products redirects to Snapdeal.com.

Shopo.in was founded in 2011 by Theyagarajan S and Krithika Nelson. The firm was backed by private equity fund Sequoia Capital and angel investor Sashi Reddi among other angels.   

About 3 months ago, Karthika Nelson, former CEO at Shopo, had quit from the position, citing medical reasons and Theyagrajan, had taken over as CEO since then.  As per reports, Shopo was looking for funds since September last year, but failed to raise funds, so its acquisition can be termed as sellout by the company itself and not a hostile takeover.

Speaking about this acquisition, Kunal Bahl, Co-Founder & CEO, Snapdeal.com said, “The Indian designer and handicrafts market is large but highly fragmented and the demand for such products is tremendous. Snapdeal’s mission is to provide a platform for small businesses across India to be able to sell to consumers nationally. The team at Shopo has built a strong supply side for niche Indian handicraft and designer products. With this acquisition, we will now provide these unique products at great prices to Snapdeal’s 20 million members, and warmly welcome Shopo’s sellers to leverage Snapdeal’s nationwide reach,” reports Business Line.

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