Ecommerce marketplace, Snapdeal, continuing its shopping spree has now acquired a majority stake in the loans and the credit provider startup RupeePower. With the acquisition, Snapdeal will now offer its consumers a financial services marketplace which will offer wide range of financial services like personal loans, educational loans, credit cards, auto loans, home loans and extended warranties, etc.
On the other side, the financial services companies will be able to leverage Snapdeal’s nationwide reach across more than 5,000 towns and cities.
“Realising the various difficulties that consumers face while deciding and purchasing financial products/services and the challenges that companies face while reaching out to the ‘right’ audience, we have brought RupeePower into our family,” said Kunal Bahl, co-founder and CEO, Snapdeal.
Founded in 2011, RupeePower matches borrowers and lenders in the retail loans space for products like credit cards, personal loans, home loans, auto loans, and consumer loans. The customers are provided with the best loan and card offers for comparison and matched with the bank’s criteria. While the service is free for the customers, on the other side, the company gets paid by the financial institution upon loan disbursal.
The company claims to have enabled INR 1,500 Cr. of credit disbursal through its platform in the current financial year.
“The share of digital origination of credit is poised to grow from today’s 7.5 per cent to 40 per cent over the next four years, in a INR 4 lakh Cr. ($67 Bn) retail credit market growing at 20 per cent annually. Our emphasis will be on scaling RupeePower and providing consumers with the best targeted offers and a super-simplified loan process, while ensuring lower opex and smarter credit match for lenders,” said Tejasvi Mohanram, founder and CEO, RupeePower.
Since past few months, both Flipkart and Snapdeal have been active in acquiring startups in different domains. Just today, we reported that Snapdeal has acquired Unicommerce, and few days back, it acquired stake in Gojavas, with this, the company is said to be in final talks to acquire Freecharge. Grabbon.com, esportsbuy.com, Shopo.in, Doozton.com, Smartprix, Exclusively.in. are few other startups that have been acquired by Softbank-backed Snapdeal.