Snapdeal to sell Tata Value Homes as it targets $2 billion in GMV
We saw an opportunity to provide to our customers the ability to buy great houses at great prices from a quality company like Tata Value Homes, and we went for it," said Kunal Bahl, co-founder and chief executive, Snapdeal
Aug 27, 2014
Source : The Economic Times
Tata Value Homes

 

NEW DELHI: Snapdeal, India's largest online marketplace, has entered into a strategic partnership with affordable housing company Tata Value Homes, as it looks to increase the spread of its offerings in a high stakes, winner-takes-all environment.

The partnership will see the Delhi-based e-commerce company sell apartment units from Tata Value Homes projects spread across Bangalore, Chennai, Pune, Mumbai and Ahmedabad.

"We saw an opportunity to provide to our customers the ability to buy great houses at great prices from a quality company like Tata Value Homes, and we went for it," said Kunal Bahl, co-founder and chief executive, Snapdeal.

The tie-up comes at a time when India's e-commerce majors are frenetically adding to their product categories, as they look to increase their consumer base and take on Amazon, the world's largest online retailer, which made its entry into the country's burgeoning online commerce sector last year.

In July, Amazon Chief Executive Jeff Bezos announced a $2 billion war chest for its Indian unit, which will be used to position the Seattle-based retail giant as India's leading e-commerce company. According to industry experts, Amazon is on track to record sales of over. Rs.6,000 crore in just over a year of operations.

Snapdeal will add up to 10 new categories over the course of the next few months, as it attempts to touch $2 billion in gross merchandise value. Bahl, however, refused to disclose a timeline when the company would touch the milestone.

"All I can say is that we expect to reach that figure at a fraction of the time it took the others (e-commerce companies) to do so," he said.

The partnership with Tata Value Homes will also bring Snapdeal into a collision course with real estate-focused online ventures in India.

In spite of global macroeconomic slowdown, Indian online real estate companies have continued to spring up and have been popular with private equity and venture capital investors.

Bangalore-based CommonFloor raised. Rs. 64 crore from marquee venture capital investors Tiger Global and Accel Partners in January, while Housing.com raised $18 million in April in a round led by Helion Venture Advisors.

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