Just more than a month after SnapDeal raised $134 million in funding from eBay, the Indian e-commerce giant has used some of that cash to acquire fashion startup Doozton. The financial terms of the purchase were not disclosed, according to TechCrunch.
SnapDeal co-founder Rohit Bansal said of the transaction: "The technology built by Doozton will enable an artful and personalized way of listing and suggesting fashion merchandise on Snapdeal, making the acquisition fruitful for burrs and sellers on the platform. 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."
Founded by Pushpendra Singh in March 2013, Doozton helps fashion buyers find specific products for various occasions. Singh graduated from the Indian Institute of Technology, the report added.
The Indian e-commerce market is expected to boom seven times to reach $22 billion within the next five years. The big growth comes with the improvement of the Internet infrastructure. At present, India's e-commerce market has an annual worth of $3.1 billion excluding travel sites, TechCrunch reported.
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