The Fall Of The Unicorns
Business Today|March 26, 2017

They were all part of the fabled $1 billion plus valuation club. Now they have run into trouble.

Rajeev Dubey
The Fall Of The Unicorns

Mrs Bahl is an avid seller of her specialty biryani on Shopo, the consumer-to-consumer platform set up by Snapdeal on the lines of Alibaba’s Taobao. She also happens to be the mother of Snapdeal’s founder and CEO Kunal Bahl. In 2015, Snapdeal announced it will invest $100 million in Shopo, providing its logistics platform and the payment gateways free of charge to sellers like Mrs Bahl for a hassle-free experience. It hoped to make money through advertising. It never did.

So when Snapdeal was forced to conserve cash, in February 2017, the axe first fell on Shopo. Next, it is believed to have put its payment wallet Freecharge on the block at between half to a quarter of the $400 million it paid to acquire it. About 600 Snapdeal employees have been given the marching orders, founders Kunal and Rohit Bansal have given up their ₹1.5 crore a year paychecks. Yet, Snapdeal continues to bleed. Having failed in its bid to outrun rival Flipkart in the race to No.1 last year, Snapdeal was even displaced from the No.2 spot by aggressive newcomer Amazon, which is now on the verge of overtaking--or, has already overtaken--Flipkart too.

Denne historien er fra March 26, 2017-utgaven av Business Today.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra March 26, 2017-utgaven av Business Today.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BUSINESS TODAYSe alt
Pension Scheme - Safety Net
Business Today India

Pension Scheme - Safety Net

The move to introduce the UPS has evoked mixed reactions. Analysts believe its funding will have limited impact on the fiscal math

time-read
4 mins  |
September 29, 2024
The Reit Choice?
Business Today India

The Reit Choice?

Real Estate Investment Trusts (Reits) Are Gaining Traction As Interest Rates Stabilise. But Returns Could Be Affected By Adverse Economic Conditions And Market Volatility

time-read
7 mins  |
September 29, 2024
CORPORATE - Calling to Account
Business Today India

CORPORATE - Calling to Account

The sudden exit of Byju's auditor BDO marks the latest in a long series of setbacks for the edtech firm

time-read
1 min  |
September 29, 2024
EMPLOYMENT: Skills Push
Business Today India

EMPLOYMENT: Skills Push

The skill development ministry plans to partner with the UGC to improve the employability of undergraduates

time-read
1 min  |
September 29, 2024
Building on a Vision
Business Today India

Building on a Vision

L&T'S CHAIRMAN EMERITUS A. M. NAIK HAS BUILT A MAMMOTH ENTERPRISE THAT IS BUILDING A NEW INDIA, FROM ITS METRO RAIL SYSTEMS TO THE RAM TEMPLE

time-read
2 mins  |
September 29, 2024
"KYS more important than KYC"
Business Today India

"KYS more important than KYC"

Vijay Kedia is a renowned equity investor; the value of his listed portfolio stands at around ₹1,750 crore

time-read
1 min  |
September 29, 2024
ROXX STAR
Business Today India

ROXX STAR

THE THAR ROXX COMBINES LUXURY WITH PERFORMANCE TO MAKE A STRONG STATEMENT IN THE MID-SIZE SUV SEGMENT

time-read
2 mins  |
September 29, 2024
HIT THE GROUND RUNNING
Business Today India

HIT THE GROUND RUNNING

Smartwatches have become indispensable tools for runners, offering real-time insights into pace, distance, heart rate, and more. Here are a few you can consider

time-read
2 mins  |
September 29, 2024
TURNING THE TABLES
Business Today India

TURNING THE TABLES

INDIA'S FURNITURE MARKET IS POISED FOR A GLOBAL TAKE-OFF. ALREADY, A HOST OF GLOBAL BRANDS HAVE MADE THE COUNTRY THEIR HOME, BUT INDIAN COMPANIES ARE NOT TOO FAR BEHIND

time-read
7 mins  |
September 29, 2024
THE EVOLUTION OF ATHERA
Business Today India

THE EVOLUTION OF ATHERA

IDENTIFYING OPPORTUNITIES IN ADVANCE HAS STOOD THIS BENGALURU-BASED VC FUND IN GOOD STEAD. NOW, WITH A HEIGHTENED FOCUS ON TECHNOLOGY, IT WANTS TO SUSTAIN THE SUCCESS

time-read
7 mins  |
September 29, 2024