Anand Piramal invests in Snapdeal

Executive director of the Piramal Group, Anand Piramal, has invested an undisclosed amount in ecommerce platform Snapdeal. He has made the investment in his personal capacity.
According to a statement from the e-commerce platform, “Snapdeal’s 2.0 strategy has allowed it to rapidly build a differentiated business, with a sharp focus on value-priced merchandise – the largest segment in retail. Snapdeal is a leader in this market, bringing the relevant selection online for its customers at the right prices and creating a purchase experience that is similar to how India shops offline in the bazaars of India.”
Recently Snapdeal announced its financial results for FY 2018-19. The company’s revenue soared 73% and loss dropped by 71%. In the same period, traffic on Snapdeal’s marketplace is said to have surged 2.3 times to 70 million unique monthly users and the number of transacting users grew 2.2 times in the last 12 months.