hiddenApr 16, 2014 16:27:56 IST
Online marketplace Snapdeal.com has acquired Doozton.com, an online product discovery technology platform, for an undisclosed amount.
"The technology built by Doozton will enable an artful and personalised way of listing and suggesting fashion merchandise on Snapdeal, making the acquisition fruitful for buyers and sellers on the platform," Snapdeal.com co-founder and COO Rohit Bansal said.
In a short span of time since its inception, Doozton.com has earned popularity amongst its users, making shopping fun, easy and social, he added. "At Snapdeal, we have seen a 10x growth in our fashion categories in the last 12 months, and we foresee the benefits of this acquisition will further boost this growth," Bansal said.
With Snapdeal.com, the technology of Doozton.com will get a wider and more established platform, allowing for a much larger canvas for enabling an intuitive and fun merchandising of fashion products, Doozton.com founder Pushpendra Singh said.
This acquisition comes close on the heel of recent news that Flipkart is closing in on merger with Myntra. While in recent months we have seen Flipkart make a big push towards online fashion retailing, especially with ad campaigns speaking of fashion stores, it has not been able to crack the segment like Myntra. India’s online fashion retailing, where Myntra is the market leader has been valued at $559 million in 2013, double its valuation from 2012. Snapdeal, which is backed by eBay in India, will no doubt attack the category with renewed vigour thanks to the latest acquisition.
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