Snapdeal appoints Ullas Kamath and Anisha Motwani as directors to tap capital market
01 November 2021, Mumbai:
Snapdeal has recruited Ullas Kamath and Anisha Motwani as directors. FMCG veteran Ullas Kamath is the joint managing director of Jyothy Labs. Brand expert Anisha Motwani has worked as a World Bank consultant on the Swachh Bharat Program, Solar Rooftop Adoption, and the National Mission for Clean Ganga.
The e-com major is considering filing a draft red herring prospectus in the next few months, joining a growing list of startups preparing to tap capital markets as the nation’s digital economy booms. Founded in 2010, Snapdeal is India’s leading value e-commerce platform that has over the years helped Indian e-commerce grow beyond just brands and urban users.
Nearly 80 per cent of Snapdeal’s users come from non-metro locations highlighting its deep reach across the length and breadth of the country. It hosts a wide selection of good quality, value-priced merchandise across fashion, home, beauty and personal care, general merchandise, and other categories. With more than 200 million app installations, it is one of the top online shopping destinations in India.
Snapdeal’s fashion sales grew by 210 per cent in the first six months of 2021. The growth was driven by users replenishing their wardrobe to meet work-from-home clothing needs.
