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Snapdeal reduces cash-on-delivery limit

Snapdeal's galloping progress
14 Jun 2011
  • Snapdeal was launched in 2010 on the model of Groupon, the world's largest online deals seller.
  • The revenues of the company had been growing at 100%, selling unused inventories. It took a 35% cut for any deal from the merchant.
  • Vinod Dham, a well-known silicon valley investor, along with co-founder, Suvir Sujan, had invested $12 million in the company.

  • A village named 'Snapdeal'
    In 2011, Shiv Nagar, a village in UP, was renamed as Snapdeal. com nagar after the company installed 15 hand pumps in the village.

    Business model changed from coupons to e-commerce
    26 Jan 2012
  • Within 2 years of its launch, Snapdeal changed from a group discounting website to one of the largest e-commerce sites in India.
  • Kunal Bahl, the company's CEO and co-founder said that deals could only serve as the entry point into the life of the customer.
  • Bahl stressed that Snapdeal's model was more customer centric than Groupon.

  • Snapdeal gets Rs 3,762 crore from SoftBank
    28 Oct 2014
  • Japan based internet and telecom giant SoftBank invested $627 million in Snapdeal.
  • The announcement came after SoftBank told about its plans to invest $10 billion in India, marking the country as 'its top priority'.
  • Snapdeal planned to use the amount to make acquisitions in the near-future.
  • Snapdeal was also planning to open a R&D centre in Bangalore.

  • Snapdeal acquires FreeCharge for Rs 2,800 crore
    8 Apr 2015
  • Snapdeal announced the buyout of FreeCharge for $400 million.
  • This is the largest acquisition by an Indian company. This overtakes Flipkart's $370 million acquisition of Myntra last year.
  • The combined entity will now have over 1 million mobile based transactions every day.
  • FreeCharge's user base in more than 20 million.

  • $500 million fresh funding for Snapdeal
    19 Aug 2015
  • Snapdeal raised $500 million in fresh funds from Chinese e-commerce firm Alibaba Group, Foxconn Technology Group and existing investor SoftBank Group.
  • This transaction would value Snapdeal at more than $5 billion.
  • FIH Mobile, a unit of Taiwan's Foxconn said it was buying a 4.27% stake for $200 million.
  • On the other hand, eBay - an existing investor, sold a portion of its stake.

  • Snapdeal raises new round; valuation up by $2 billion
    15 Feb 2016
  • Snapdeal has raised another $200 million or Rs.1,367.6 crore, just seven months after it raised $500 million.
  • Ontario Teachers' Pension Plan, Brother Fortune Apparel and Iron Pillar were the major investors in this current round of funding.
  • With the latest round of funding the company has been valued above $6.5 billion, making it the second most valued ecommerce company in India after Flipkart.

  • Snapdeal fires 600 employees, founders take a 100% paycut
    22 Feb 2017
  • According to reports, Indian e-commerce firm Snapdeal is letting 600 of its employees go in order to cut back on spending.
  • Both the founders, Kunal Bahl and Rohit Bansal have decided to take a 100% paycut.
  • Along with its payments subsidiary FreeCharge, Snapdeal has a total Rs.1,400-1,600 crore in the bank which is exhaustible in a matter of 8-10 months' time.

  • Snapdeal reduces cash-on-delivery limit
    16 Mar 2017
  • Snapdeal has reduced the limit for its cash-on-delivery transactions by 60% to increase prepaid transactions and reduce the number of goods returned by customers.
  • In this regard, the CoD transactions have been stopped for transactions beyond Rs. 20,000.
  • Earlier the CoD cap was on transactions up to Rs. 50,000.
  • However, competitors like Flipkart and Amazon have not yet reduced their CoD limits.

  • This post first appeared on NewsBytes: Latest News, Breaking News India, Today News, Current News, please read the originial post: here

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    Snapdeal reduces cash-on-delivery limit


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