SNAP DEAL
Snap Deal, is the fastest growing online marketplace in the Indian ecommerce Industry. Headquartered in New Delhi, India. The company was started by Kunal Bahl and Rohit Bansal one a Wharton graduate and the other an alumnus of IIT Delhi respectively in the month of February 2010. This successful duo were childhood friends who ended up as entrepreneurs due to a series of events.
Kunal worked for corporate bigwigs like Deloitte followed by Microsoft. In 2007, his visa renewal was rejected, forcing him to return to India. His entrepreneurial stint started with a detergent start-up while he was studying at the Wharton school of business.
Rohit a B.Tech graduate and an M.Tech post graduate from IIT Delhi.
Seven steps that led to snap deal:
Like most entrepreneurs, they have experienced myriad failures and setbacks.
Initially in the year 2007, they planned an online movie booking site and also registered with the domain name moviebooking.com for the same. When the details were worked upon they realised that there was hardly any margin in the business and hence did not go ahead with it.
This was followed by restaurant deal vouchers in a tear able booklet form. Selling or distributing it was difficult. Moreover, neither people nor the market took it seriously and were not too keen about paper booklets which were easily perishable.
Inspired by credit cards, they introduced plastic cards as a substitute to the books but this time people had to buy the cards. User base declined drastically. They held on to it when the merchants asked them to come online. Portal followed suit along with its physical card business, Snap deal was hence introduced to the Indian ecommerce industry.
Initially, the portal only featured daily deals, l...
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Exhibits:
Exhibit1: Marketplace model
Exhibit2: Snap deal core values.
References: http://www.snapdeal.com/info/coreValues http://www.snapdeal.com/info/press/3/2014/0 http://www.livemint.com/Industry/D2Xufph6zu7w9ZYg8Ze0dM/Snapdeal-CEO-defends-marketplace-model-looking-for-acquisit.html http://www.linkedin.com/company/snapdeal http://timesofindia.indiatimes.com/tech/enterprise-it/strategy/Making-of-Snapdeal-com/articleshow/8218838.cms http://techcircle.vccircle.com/2012/06/22/here-is-why-snapdeals-kunal-bahl-didnt-start-a-movie-booking-site-plus-his-success-secrets/ http://yourstory.com/2012/11/kunal-bahl-shares-his-interesting-journey-of-founding-snapdeal-and-growing-it-really-fast/ http://ibnlive.in.com/news/village-changes-its-name-to-snapdealcom-nagar/160890-19.html
http://www.snapdeal.com/info/team
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Editorial. Nations Restaurant News 11 Nov. 2005: n. pag. MasterFILE Premier. Web. 5 Mar. 2013.
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