Online shopping retailer Snapdeal has acquired the online fashion discovery startup Doozton. Doozton is only less than a year old. Financial terms of the deal were not disclosed.
Doozton.com is a product discovery platform for fashion category.category. Doozton was founded by IIT Roorkee alumnus Pushpendra Singh in March 2013. It helps users in finding trending products from various online stores in India. At Snapdeal, it will enable a personalized way of fashion products suggestions.
Speaking about this acquisition, Rohit Bansal, Co-Founder and COO, Snapdeal.com said, “In a short span of time since its inception, Doozton.com has earned popularity amongst its users, making shopping fun, easy and social with the best of 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.”
Pushpendra Singh, Founder of Doozton.com said, “Doozton.com has carved a special place for itself as a fashion & lifestyle products discovery portal amongst its customers. With Snapdeal.com, the technology of Doozton.com will get a wider and more established platform. I am glad about this acquisition by Snapdeal, which will allow for a much larger canvas for our mission of enabling intuitive and fun merchandising of fashion products.”
Online fashion industry nearly doubled in value from $278 million in 2012 to $559 million in 2013. So, most of the investors are also taking in this market. Snapdeal has also raised $336 million to date. And it is aggressively pushing money to compete with Flipkart and Amazon in India. last year Snapdeal also acquired Shopi.in, Indian marketplace for Indian designers and handcrafted products,
This deal came in the time when Flipkart is trying to marge Myntra, a top fashion online retailer in country. This deal is expected to be around $330 million.
