Popular daily online deals provider snapdeal.com is planning to set up shop in South East Asia, most likely in Singapore, in the next few months.
Speaking to the IndiaRetailing, company chief executive Kunal Bahl, said, “After tasting early success in the Indian market, we are now looking to grow overseas. For this, we are aggressively focusing on the South East Asian countries, especially Singapore.”
According to Bahl, the Delhi-based Jasper Infotech, which owns snapdeal.com, may acquire an existing e-retailing company in South East Asia to kick-start operations quickly.
“We may begin operations as early as next quarter in Singapore,” he said, adding that the company is well-funded and on a strong footing for a successful foray in the South East Asian markets.
Bahl expects to notch up Rs 100 crore in revenues in FY 2011 and hopes to reach Rs 500 crore by 2014.
Snapdeal.com is currently India’s fastest growing e-commerce website that executes 30,000 deals a day for the around one million unique visitors that visit it daily. The website offers an average discount of 78 per cent across its three verticals of local deals, travel and products.
Snapdeal.com recently received funding for US$12 million from investors Nexus Venture Partners and Indo-US Venture Partners.
Look out for an exclusive interview with the 28-year-old Kunal Bahl in the July 2011 issue of Images Retail.
– Sanjay Choudhry