Snapdeal acquires Letsgomo Labs for an undisclosed amount. Letsgomo provides end to end mobility solutions like building mobile strategies, applications conceptualization and development of mobile sites, implementation and hosting of mobile sites. Snapdeal plans to become mobile commerce company in India. The acquisition of mobile like Martmobi and Letsgomo is in that direction.
Letsgomo has expertise from evaluating the possibility of deploying a mobile first solution, engineering apps, helping onboard users through marketing programs and evaluate performance based on analytics data. Letsgomo has developed mobile presence for leading brands like Yatra, HealthKart, Shopclues, Saholic, droom and others.
Letsgomo brings together expertise in cross platform and native mobile development to recreate hybrid solutions which are cost effective and technologically robust. The company backs the solutions with sound understanding of business domains and mobile strategy to create the right solutions for its customers.
Gurgaon based Letsgomo was founded in 2011 by Vikas Banga and Manav Kamboj. Vikas Banga is the co founder of the company. He has graduated in Bachelor of Engineering in Computer Science from Kurukshetra University in 2000. He has management course in managing and retailing from Indian Institute of Management, Ahmedabad in 2004.
Vikas started his career as Business Analyst in HCL Technologies Ltd in 2000. He participated in CMM Level 5 certification and led projects through audits conducted by KPMG. After 32 months stint he became Vice President – Technology and Product Delivery in Appulse Technologies Ltd in 2003. He was instrumental in generating revenue to $1 million and managed knowledge management. Vikas worked in the company for 12 years and was working as Vice President. He is Chief Technology Officer of Letsgomo Labs which was co founded in 2011.
Manav Kamboj is co founder of the company and graduated in Bachelor of Engineering in Mechanical Engineering from Indian Institute of Technology, Roorkee in 1998. He went on to do his Masters of Business Administration in Marketing from Indian Institute of Management, Lucknow in 2001.
He started his career as software engineer in Wipro Technologies in 1998. After 13 months stint Manav joined Cognizant Technology Solutions as senior business analyst in 2001. He worked in the company for brief period of 10 months. In February 2002 he became Assistant Vice President in CitiFinancial Consumer Finance India Ltd. He was handling operations for Maharashtra and Goa region.
In 2009 he became Assistant Vice President in Citibank. He was handling cross selling and up selling of bank’s products. Manav worked till March 2011 after which he co founded Letsgomo Labs.
For Snapdeal this is second acquisition in mobile technology segment after the purchase of Martmobi. These acquisitions make sense for the company where it is getting higher number of traffic through mobile. 75% transaction are generated on Snapdeal are based out of mobile platform.
Rohit Bansal, Co founder of Snapdeal speaking on the acquisition said “Delivering a great user experience across varying data connections and numerous handsets being used in the country is the guiding principle for our mobile initiatives. Over 75% of our sales now come through mobile platforms and Letsgomo team becoming a part of our family will further propel our efforts in this direction.”
Manav Kamboj, co founder, Letsgomo said “We strongly believe that new age technology innovations will happen here. Mobile will continue to drive e-commerce in the country and how companies utilize this platform will be a key success determinant. We look forward to building world class mobile technology at Snapdeal and set new benchmarks for the industry in this space.”
Snapdeal is the leading e commerce player along with Flipkart, PayTM and Quikr are trying to give a major push on mobile commerce. The growth of mobile commerce is pegged around 55% year on year. By 2019 mobile commerce industry will grow around $19 billion, due to advent of cheaper smartphones in the market.
Snapdeal’s major competitor Flipkart has acquired mobile marketing startup Appiterate to strengthen its mobile platform. Flipkart has done a major revamp of its identity from changing brand logo with 3-dimension structure to make a difference. Apart from this Flipkart’s Myntra fashion portal has shut its website and directed the traffic to the mobile based platform.