Snapdeal appoints Ullas Kamath, Anisha Motwani as directors on board
As it moves closer to its initial public offering (IPO), SoftBank-backed Snapdeal continues adding new members to its board of directors with FMCG veteran Ullas Kamath and brand expert Anisha Motwani, even as it plans to file its Draft Red Herring Prospectus soon.
According to sources, Snapdeal hopes to gain from the new board members’ experience in serving the value-conscious consumer in ‘Bharat’ or tier-2,3,4 markets ahead of its proposed IPO.
Last week, it appointed Zomato chairman Kaushik Dutta and Richa Arora, managing partner and CEO for ESG Stewardship Services at ECube Investment Advisors,as directors on its board.
Dutta is also on the boards of Policy Bazaar and HCL Infosystems. Arora has been on the board of Tata Group’s e-commerce venture.
Sources said Snapdeal is considering filing a DRHP in the next few months, joining a growing list of startups preparing to tap capital markets as the nation’s digital economy booms.
Snapdeal has, over the past three years pivoted to India’s leading value e-commerce platform, counts BlackRock, Temasek, Foxconn, Premji Invest, Intel Capital, Bessemer Venture Partners and Ratan Tata as investors. It could be valued at around $2.5 billion.
Founded by Kunal Bahl in 2010, the new board appointments will further strengthen its board ahead of proposed IPO, joining the likes of new age platforms such as Pharmeasy, Nykaa, Policybazaar
Snapdeal has, over the years, helped Indian e-commerce grow beyond just brands and urban users. Nearly 80 per cent of Snapdeal’s users come from non-metro locations, showing its deep reach across the length and breadth of the country.
It has over 200 million app installations, making it one of the top online shopping destinations in India. According to a recent industry report by global consulting firm Kearney, the growing number of value-conscious online shoppers is reshaping India’s e-commerce landscape. Value-conscious online buyers focus on finding affordable products that meet their needs of desirable quality, durability, and trendiness.
There has been a rise of value e-commerce – differentiated business models that are optimized to serve the needs of value-conscious online customers. Currently estimated at $4 billion, value e-commerce in India is expected to see fast growth at 26 per cent CAGR and will reach $40 billion by 2030.
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