MobiMart staff came to know about the deal just 15 days ago
Snapdeal has acquired city-based mobile technology startup MartMobi for an undisclosed amount.
Hyderabad: In one of the major deals that involved Hyderabad-based startups, e-commerce major Snapdeal has acquired city-based mobile technology startup MartMobi for an undisclosed amount. MartMobi is founded by Pramod Nair and Satya Krishna Ganni, with the help of seed capital from IIIT-Hyderabad. Later they got funded by BitChemy Ventures and Microsoft IDC former MD Srini Koppolu. The company develops mobile sites and apps for e-commerce stores, small and medium-sized businesses and this acquisition could help Snapdeal strengthen its mobility platform for merchant partners.
This newspaper had featured MartMobi on January 1, 2015, as one of the five startup firms, whose future looks promising this year. Speaking to this newspaper, co-founder Pramod Nair said that the negotiations with Snapdeal have begun a few months back and both the co-founders would remain with the company even after the deal.
According to sources, MobiMart staff came to know about the deal just 15 days ago. Ramesh Loganathan, who is actively involved in promoting startup ecosystem in Hyderabad, was elated by the deal. “This is a fantastic news. One of the first mainstream M&As happening in Hyderabad. Com-ing year, we should hopefully see more of such news. I am very happy that MobiMart is from Hydera-bad and IIIT-Hyderabad.”
People who follow Hyderabad startup ecosystem were awaiting a big acquisition that could motivate youngsters to come up with more viable and interesting startups.
Speaking to PTI in New Delhi, Snapdeal co-founder and COO Rohit Bansal said the MartMobi team would be a great addition to Snapdeal as they will help in strengthening his platform for sellers. Asked if MartMobi will continue to work as a separate entity, Mr Bansal said: “We are still working on the roadmap ahead. But their expertise will be integrated with our platform.”
( Source : dc correspondent )
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