The terms of the deal are not being disclosed, but it is a controlling stake, techcrunch.com reports. Snapdeal has unveiled that it will launch a financial services marketplace on the back of the acquisition, and projects that it will provide USD 1 billion of loans over the next two years through the platform. Snapdeal will work with financial institutions to finance these loans, with Snapdeal providing the reach into markets that have been otherwise hard for the banks to address. The acquisition comes on the heels of Snapdeal making other investments, including acquisitions to build out its logistics services.
RupeePower was founded in 2011 and says it has financed INR 1,500 (USD 24 million) in the current financial year. It’s tapping into the bigger trend in India (and the rest of the world) of services like this moving online, plus the growing middle class in the country that wants to borrow more money and in this way specifically.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now