Snapdeal Forays into Financial Services, Acquires RupeePower.com

E-commerce company Snapdeal on Tuesday announced acquisition of a majority stake in RupeePower.com, a digital distribution platform for loans, credit cards and other personal finance products.

Snapdeal, however, did not reveal financial details of the deal.

Snapdeal will now offer its consumers a financial services marketplace, a first of its kind initiative in the e-commerce industry, it said in a statement.

This marketplace will include a wide range of financial services like personal loans, educational loans, credit cards, auto loans, and home loans amongst others, Snapdeal said.

Commenting on the acquisition, Snapdeal CEO and co-founder Kunal Bahl said, "Realizing the various difficulties that consumers face while deciding and purchasing financial products or services and the challenges that companies face whilst reaching out to the 'right' audience, we have brought RupeePower into our family, to help solve the distribution challenges of the financial services ecosystem and make it more inclusive."

Snapdeal had recently acquired luxury fashion portal Exclusively.com and e-commerce management firm Unicommerce.