Snapdeal buys India's Nexus-backed TargetingMantra
Indian e-commerce giant Snapdeal has bought e-commerce personalization and analytics service TargetingMantra for an undisclosed amount.
TargetingMantra, a product of the 500 Startups accelerator program in California, creates technology tools to analyze online shoppers' buying habits to predict their tastes and recommend products to them via email. Snapdeal plans to use the company's tech capabilities to provide better service and grow its user base. It hopes to reach 20 million daily users by 2020.
Founded in 2013, TargetingMantra has attracted support from Nexus Venture Partners, which joined 500 Startups and One97 Mobility Fund - managed by Paytm parent One97 and SAIF Partners - in 2014 to commit $1.1 million. The start-up has offices in Palo Alto and Gurgaon, and clients in India, Southeast Asia, Brazil and the US.
Snapdeal has accelerated its rate of acquisitions recently; AVCJ Research recorded five purchases in 2015, more than in the previous five years combined. Among those was the $450 million takeover of VC-backed online bill payment service FreeCharge in April.
Like its rival Flipkart, Snapdeal primarily pursues acquisition and investment opportunities aimed at enhancing its existing capabilities rather than seeking new verticals. Despite their booming valuations, the two companies are still reliant on outside investment to sustain them and cannot afford to broaden their focus beyond their core businesses.
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