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In line with its strategy to become India's leading mobile-commerce company, New Delhi-based online marketplace Snapdeal on Monday announced it had acquired Letsgomo Labs, a mobility solutions company. The value of the acquisition, however, was not disclosed.
Letsgomo Labs provides end-to-end mobility solutions to businesses looking to harness the power of mobile. Founded by Manav Kamboj and Vikas Banga, the company has a 76-member team with expertise across mobile technologies, design and strategy. It works with businesses from building mobile strategies to conceptualisation of applications & mobile sites and implementation & hosting. The company also works with leading e-commerce companies to help them strengthen their mobile capabilities.
"Mobile is one of our key focus areas. In just two years, this medium has proved one of the biggest growth drivers for the company. Delivering a great user experience across varying data connections and numerous handsets being used in the country is the guiding principle for our mobile initiatives. Over 75 per cent of our sales now come from mobile platforms, and with the Letsgomo team joining our family, our efforts in this direction will get a further boost," said Rohit Bansal, co-founder and chief operating officer, Snapdeal.
Mobile commerce, or m-commerce, is emerging as a key battle front for major e-commerce companies. Snapdeal, in particular, has been looking at building a whole ecosystem of companies around the m-commerce universe.
The company recently acquired mobile tech start-up MartMobi, to add muscle to its m-commerce ecosystem.
Snapdeal also closed one of the biggest mergers in the internet company space by acquiring Freecharge for about $450 million. Its co-founder & chief executive Kunal Bahl has often referred to the company's focus on m-commerce, and said most of the acquisitions planned by the company will be tech-oriented in the m-commerce space.
Japan's Softbank is the largest investor in Snapdeal, while other key investors include eBay, Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital, Temasek, BlackRock Inc, Myriad, Premji Invest and Tybourne and IndoUS Venture Partners. Tata Sons Chairman Emeritus Ratan Tata, too, has invested in Snapdeal in his personal capacity.
