Online e-commerce platform Snapdeal has announced to appoint FMCG veteran Ullas Kamath and brand expert Anisha Motwani as new company directors ahead of ambitious IPO plans. The company plans to file papers regarding the IPO with the market regulator Sebi soon.
While Ullas Kamath is currently working as joint managing director of Jyothy Labs, Anisha Motwani has worked as a World Bank consultant on the Swachh Bharat Programme, Solar Rooftop Adoption, and the National Mission for Clean Ganga.
Snapdeal is also planning to file a draft red herring prospectus (DRHP) in the next few months, joining a growing list of startups preparing to tap capital markets as the nation’s digital economy booms.
Last week, the company appointed Kaushik Dutta and Richa Arora as a director on its board. Dutta is chairman of Zomato and is on the boards of Policy Bazaar and HCL Infosystem, while Richa is the managing partner and CEO for ESG Stewardship Services at ECube Investment Advisors and has also been on the board of Tata Group’s e-commerce venture.
Snapdeal, which operates India’s leading value e-commerce platform can be valued at around $2.5 billion. Founded by Kunal Bahl in 2010, the new appointments will further strengthen its board ahead of the proposed IPO, joining the likes of new-age platforms such as Pharmeasy, Nykaa, Policybazaar.
Snapdeal is India’s leading value e-commerce platform that has over the years helped Indian e-commerce grow beyond just brands and urban users. Nearly 80% of Snapdeal’s users come from non-metro locations highlighting its deep reach across the length and breadth of the country
The company hosts a wide selection of good quality, value-priced merchandise across fashion, home, beauty & personal care, general merchandise, and other categories. With more than 200 Million app installations, it is one of the top online shopping destinations in India.