The times they are a changin’, and the e-commerce sites they are a consolidatin’. This afternoon, Indian e-store Snapdeal acquired the Fab-like handicrafts site Shopo for an undisclosed sum.
According to the NextBigWhat blog, Sequoia-backed Shopo sent an email to vendors informing them of moving to a “bigger and better” platform soon, before the company then issued a press release. Already the Shopo website has effectively shut down, and it now directs everyone to new owners Snapdeal.
Shopo CEO Krithika Nelson quit a few months ago citing health concerns, but it’s unknown if that was related to today’s Snapdeal deal. Chennai-based Shopo used to be a designer-to-consumer platform sort of like Fab, with an element of Etsy thrown in. It’s not clear how Shopo’s vendors can make the transition to Snapdeal’s platform.
Formerly a daily deals site, Snapdeal is now a broader e-commerce company that aims to pull in over $350 million in revenue by 2014. It received $50 million in investment from eBay last month.
(Source: NextBigWhat)
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