Snapdeal.com has acquired the assets of online product discovery technology platform for fashion & lifestyle categories – Doozton.com, for an undisclosed amount. Launched last year and bootstrapped by now, Doozton helps people to discover trending products and designs from the online stores of India.
Doozton.com has earned popularity amongst its users by making shopping fun, easy and social with the fashion & lifestyle product suggestions including clothes, shoes and accessories for men and women.
“The technology built by Doozton will enable an artful and personalized way of listing and suggesting fashion merchandise on Snapdeal, making the acquisition fruitful for buyers and sellers on the platform. At Snapdeal, we have seen a 10x growth in our fashion categories in the last 12 months, and we foresee the benefits of this acquisition will further boost this growth,” Rohit Bansal, Co-Founder and COO, Snapdeal.com said, over the acquisition.
Doozton works like virtual personal stylist that offers handpicked fashion clothes for men and women, it provides online wardrobe suggestions, what to wear and what to buy for occasions such as for a date, for a wedding, among others. It also includes home decor and gifting products curated from the best of online stores across India.
Online fashion nearly doubled in value from $278 Mn in 2012 to $559 Mn in 2013 and this is even evident in Indian ecommerce market with a number of player’s popping up and investors also pouring money in fashion retail. Earlier this year, fashion and lifestyle retailer, Myntra raised $50 Mn in funding and Jabong has also closed a $100 Mn funding round. In recent times, Snapdeal’s competitor Flipkart has also started focusing on this category and adding on, there has been rumors circulating in regards to Flipkart and Myntra merger, which has been said as a way for Flipkart to lead the fashion category in India.
The news of acquisition comes in just a few weeks after online marketplace eBay led its second funding round in Snapdeal of over $133.77 Mn. Doozton was launched in March 2013 by IIT Roorkee alumni Pushpendra Singh.