Mumbai: Online marketplace Snapdeal.com has acquired product discovery technology firm Doozton.com for an undisclosed amount.
Doozton helps consumers discover trending products and designs from across online fashion portals in India. It also offers suggestions as to what to wear and what to buy for different occasions.
Snapdeal, which got about $134 million in its fourth round of funding from existing investors led by eBay early this year, is also strengthening its position in the apparel and accessories segment through acquisitions and tie-ups.
Industry reports suggest that fashion is the fastest growing category that contributes about 40 per cent of overall sales for any online portal. Growth is happening on the back of growing aspiration, awareness about global trends, and unavailability of brands in smaller towns and an increased usage of smartphones.
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 and lifestyle product suggestions including clothes, shoes and accessories for men and women. We have seen a 10 times growth in our fashion categories in the last 12 months, and we foresee the benefits of this acquisition will boost this growth.”
Pushpendra Singh, an IIT alumnus and founder of Doozton.com, said that with Snapdeal, the technology of Doozton.com would get a more established platform. Doozton was founded in March 2013.
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