Bangalore: India’s largest e-Commerce site, Snapdeal.com - which owned and operated by Jasper InfoTech, acquires majority stake of the RupeePower.com. The financial information of the acquisition remains unrevealed. However, the investment is thought to be cash and stock deal. As a part of acquisition, Snapdeal and RupeePower will attempt to digitally systematize the fragmented financial services market by upgrading the services onto the Snapdeal platform.
Founded in 2011 by Tejasvi Mohanram- ex trader with Deutsche Bank and Citi Global Markets in London, the Gurgaon based RupeePower is run by Tetra Media Pvt. Ltd. It offers digital financial services platform for loans, credit cards and other personal finance products. Being one of the financial services marketplaces, RupeePower offers downstream acquisition workflow and CRM platforms to banks and NBFCs.
The firm has partnered with State Bank of India, ICICI Bank, Standard Chartered Bank, PNB Housing Finance Ltd, Kotak Mahindra Bank, RBL Bank, Bajaj Finserv, Aditya Birla Financial Services, DHFL and many other eminent institutions. As a current financial entity, RupeePower allows Rs. 1500 Crore of credit disbursal through its platform.
Along with the acquisition, RupeePower will now join forces with Snapdeal in order to build a collaborative ecosystem and provide customers a host of financial products. Snapdeal will now offer consumers a financial services marketplace with an aim to attain $1 Billion worth of loan disbursal in the upcoming two years. On the other hand, the marketplace will comprise a wide range of financial services like personal loans, educational loans, credit cards, auto loans, home loans and other extended warranties.