To strengthen its base in the growing e-commerce sector in India, popular e-tailer Snapdeal has bought Wishpicker—the largest online gift shop founded by IIT-Delhi graduates Apurv Bansal and Prateek Rathore.
This is Snapdeal's first acquisition after Japanese telecom and Internet giant SoftBank poured in $627 million in the online retailer this October.
The acquisition amount of Wishpicker deal hasn't been disclosed yet, reveals a PTI report.
This fifth acquisition of Snapdeal comes at time when the industry is expected to reach at a value of $43 billion over the next five years.
In 2010, Snapdeal made its first acquisition by acquiring buying site Grobbon.