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Snapdeal, the e-commerce major will be investing USD 100 million (about Rs 665 crore) in Shopo.
Shopo, which is a mobile only platform and aims to bring small and medium businesses (SMBs) that cannot register on bigger e-commerce portal.
Snapdeal co-founder and CEO Kunal Bahl said, “We launched Shopo in mid-July and we already have 20,000 shops on the platform. The response we have got, only from word of mouth, is overwhelming.”
He further added, “Over the next two years, we will invest about USD 100 million in ramping up technology and brand building, We are also working on a community of ‘Shopo angels’ to drive consumer engagement.”
