Chennai: Anand Piramal, Executive Director of the Piramal Group invested an undisclosed amount in Snapdeal as the company continued to grow while paring losses. The investment has been made by Anand in his personal capacity.
"Snapdeal's sharp execution in bringing great selection to the mass market segment in tier 2-3 cities has been quite successful, leveraging the growing internet penetration in these geographies. The company's mission of enabling the success of hundreds of thousands of small businesses in India through its marketplace is commendable. Since 2017, Snapdeal's revenues have grown rapidly with profitable unit economics. With hundreds of millions of first time e-commerce buyers yet to transact, Snapdeal is well poised to grow in the future," Anand Piramal said.
Snapdeal's 2.0 strategy has been trying to build a differentiated business, with a focus on value-priced merchandise. More than 80 per cent of its users come from the small towns and cities of India.
