Snapdeal acquires gifting recommendation portal Wishpicker.com
E-commerce major Snapdeal.com, run by Delhi-based Jasper Infotech Pvt Ltd, has acquired Wishpicker.com, an online platform that offers users gift options based on intelligent recommendations, from Noida-based Wizmunk Gifting Services Pvt Ltd. The transaction details are not disclosed.
The acquisition will enable Snapdeal to further personalise user experience and also drive conversions through intelligent recommendations, it said in a press release. Early this year, the e-commerce major had acquired fashion products discovery platform Doozton for an undisclosed sum.
"At Snapdeal.com our focus is to leverage technology to create life changing experiences for buyers and sellers. We are investing in strengthening our technology platform and Wishpicker.com is an excellent platform with top-tier entrepreneurial, engineering talent and fits in perfectly with our vision," said Rohit Bansal, co-founder of Snapdeal.
"We believe that with consumer buying trends evolving, intelligent recommendations will be one of the key drivers for business volume for our sellers. This is an important acquisition for us in terms of adding new technology capabilities and helping sellers connect with buyers in newer ways," he added.
Founded in 2013 by IIT Delhi graduates Apurv Bansal and Prateek Rathore, Wishpicker offers users smart gifting options based on different parameters like relationship with the recipient, their age, personality, and various other parameters. Users can also find gift suggestions based on Facebook likes and interests of recipient.
Wishpicker.com's platform uses machine learning technology that ensures that the recommendations get better with every passing day. The algorithms are completely data driven.
"In a short span of time, Wishpicker has made it easy for people to choose right gifts for all occasions. With Snapdeal's scale and commitment to making ecommerce easy for all, our technology will be infinitely useful in helping millions of users make smart shopping decisions," said Bansal and Rathore.
Founded in 2010, Snapdeal was started as an online deals site, which later pivoted to a full-fledged horizontal e-commerce company with a marketplace model in September 2011. It claims to have 5 million-plus products across more than 500 diverse categories from thousands of regional, national, and international brands and retailers. Snapdeal has now become one of the fastest growing and among the top three online marketplaces in India, with more than 30 million registered users and more than 50,000 vendors.
In October, Japanese telecom and internet firm SoftBank Corp committed $627 million (Rs 3,846 crore) in Snapdeal.com. Its other investors include eBay, Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital, Ratan Tata, BlackRock, Temasek, Myriad Asset Management, Tybourne Capital, PremjiInvest and Saama Capital.
(Edited by Joby Puthuparampil Johnson)