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Kishore Biyani's Future Supply Chain Solutions today said it will fully acquire Snapdeal's logistics service provider Vulcan Express Pvt Ltd in an all- cash deal valued at Rs 35 crore. Future Group Founder and Chairman Kishore Biyani said in a statement that through Vulcan, the company plans to boost its last mile capabilities and also offer state-of-the-art solutions to its e-commerce and retail clients. Snapdeal Chief Strategy and Investment Officer Jason Kothari said: "Similar to our recent sale of FreeCharge, we believe Snapdeal s sale of Vulcan Express to Future Group is a successful deal for all three parties." The statement also quoted Kothari as saying that the company "divests off an asset that is non-strategic in nature for Snapdeal 2.0, allowing it to focus its capital ...

Indian e-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company cuts costs and boosts efficiency in a market currently dominated by homegrown Flipkart and US internet giant Amazon. Kunal Bahl, who co-founded Snapdeal in 2010, also told Reuters in an interview that the online marketplace provider backed by Japan's SoftBank Group did not immediately need to raise capital unless it makes an acquisition. A burgeoning Indian middle class' rapid uptake of wireless high-speed internet has prompted buyers to shop online, boosting sales at e-tailers and making the country's internet services market one of the world's fastest growing. The value of goods sold online in India is expected to jump tenfold to USD 188 billion by 2025, according to a ...

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Future Group Buys Snapdeal’s logistics Service Vulcan Express For Rs 35 Crore

E-commerce Firm Snapdeal to Make Profit in Two Years: CEO