Shopo, owned by Indian e-commerce site Snapdeal will down its shutters today (February 10) in the wake of leadership changes and revenue losses. Shopo will terminate its operations at a time when Snapdeal is aggressively looking at optimising costs amid intense battle with rivals Flipkart and Amazon.
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“We started, a year and a half ago, from a small conference room with our mission to enable small and individual sellers across India to sell online. In this short time, we have together discovered the dynamism and vibrance in the C2C space in India,” Shopo said in a blogpost.
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It added that its team has helped more than 2 lakh sellers start and grow their online shops.
“However, we realise that it will take some more years for a broader ecosystem to develop around the C2C segment,” the blog said.
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The SoftBank backed Snapdeal said that it has absorbed all Shopo employees. Snapdeal had acquired Shopo in 2013 and relaunched the site as a mobile-only marketplace in 2015, with an investment of US$100 million. Shopo was an open marketplace that let sellers and buyers chat on their smartphones and had a zero-commission, and zero fees policy.(With PTI inputs)
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