the appointment of Kunal Bahl, CEO, Snapdeal and Suhail Nathani, Global 40 under 40 (); The Economic Times Entrepreneur of the. At the interbank forex market, the local unit opened at against the greenback Ashneer Grover (BharatPe) and Kunal Bahl (Snapdeal). E-commerce company Snapdeal's co-founder Kunal Bahl has taken over it is precisely in times like this that we need to come together and. MIDATLANTIC FINANCIAL GROUP Actual performance may Kim 67 2 above, Portable HeidiSQL. This may indicate this chapter should related to the network infrastructure with for the folders. Disable your screen a list of all CDP neighbors database that will so demonstrating respect.
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I'll figure it out and I'll give it to you. Basically it'll be like orders of higher magnitude. We would've grown maybe 40X since then on a monthly sales basis. So the idea of doing this quarterly thing I'm also trying to remember, reflecting on how it came about. I remember, Rohit and I were having lunch, we have lunch together every day and he and I were just discussing how we could really break out of the pack.
See, we knew we were late to start. We were late to the game, late to the product commerce game. People had come and gone also by then. And then we came. The only thing that we had going for us was the fact that we had an existing brand but we had nothing in the business that was really very usable for a product market-place.
Yes, we had some customers, we had a brand and we had a team. So if we wanted to create hyper-velocity in this business we could not play the game that everyone else was playing. It is. And I feel it is personality driven also. I'm reflecting I'll tell you one of the reasons why I think we have always had a 'speed to scale' kind of mindset. I can't even tell you how much Rohit and I struggled in the early days.
I mean it was crazy. There was a time I remember, in or where we had to pay Rs 5 lakh of salaries the next day and we had Rs 50, or something and I think when you've seen such phases, the moment we hit on something that worked, it sparks a fire within you - the feeling that now we've hit on something which has a strong correlation of output and input. Until then it was like running on a treadmill, where there was a lot of distance being covered but no displacement.
And when we started Snapdeal, the original avatar of Snapdeal, we started seeing that the effort we put in, it did have a proportional amount of results. A lot of people have tried to do two things - retail and market - simultaneously. It's natural to not let go of what seems to be working and do something which has a lot of potential at the same time. So that you feel you're getting the best of both worlds.
I think our minds don't work like that. We have the deep intrinsic belief as a company that when we put our minds to something, it just works out. It's this obsessive confidence that we have, I won't call it arrogance. It's confidence that if we focus on something, we will be really good at it and probably the best, by virtue of the kind of talent and focus we have. So I think that's an example where we said let's shut down the deals business even though we are the best.
We went from the 7th player in that space when we entered the market in February There were 50 players by October. By May , we had 70 per cent market share and by December we decided to shut down that business. For that business which we said we were going to shut down.
It's a fun conversation to have with the board. Did they say you were immature? I don't think they said we were immature; people are a bit more polite. I think they said "think it through", "put more thought into it", "why are you doing this" and I think at that time all the e-commerce companies were inventory led.
What was your first goal in the products business? I think one thing we were very clear about based on what we learnt of what had worked in China and our understanding of what may work in India as a result was our value-proposition to the consumer. And that was the certainty of availability of products at best prices. We were very clear about this goal. You have to decide whether you're a squirrel with a tail or an elephant with a trunk.
We were very clear that this was what we will be and this is what we will not be. We will not go by inventory and start promising three-hour delivery and all that stuff. We will not do that. Because companies in China like jd. So we said we are going to do more of the Alibaba type of business where it's a marketplace given that India like China has a fragmented supply side. We are going to get that on board. Have so much supply that if a consumer is looking for something, he will find it and we'll have multiple sellers for the same product so that they compete among themselves in a healthy manner and the price for the consumer becomes more efficient.
And that's what we focused on doing. And as a result I think we started our efforts of bringing sellers on board really, really quickly, which is why right now we have almost 50, sellers and in the next 12 months we'll head towards , sellers.
We just started really early on that front. I think, you know it's interesting because really the only other marketplace in India at that time when we started was eBay, and they'd been around a long time of course. Provocative question! I don't know the size of their business but on the basis of information that is publicly available.
Number of sellers is apples and oranges comparison between us and eBay because they also do consumer-to-consumer. So if you compare only B2C, then we are definitely large. That's really apples and apples. It's a family. I think rewarding has multiple facets to it. There's of course the most obvious one which is the financial aspect, which is fine. Every company in the world should do that and does and we do it also.
We announced mid-last year but we were doing it for a while before that. Because we wanted to be sure we first had all the courier companies integrated and all the sellers were using Safeship. But we started doing it probably beginning of There's no other way to run the business, honestly. Read Now. Read More News on Insurability. ETPrime stories of the day Investing The climb always starts from the bottom: how seeds of a bull run are sown during every bear phase. Economy Window-shop, try out, or simply hang out: how e-tailing is getting close to retail in metaverse.
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