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Snapdeal crosses 100 million app downloads
Gurugram: Snapdeal, India’s leading marketplace, has crossed 100 million app downloads on Google Play Store.
Snapdeal’s growth, built basis a sharp focus on serving India’s vast and growing value-conscious segment, is reflected in the rapid growth in its app downloads, which have grown rapidly in the last 12 months – climbing from 73 million in October 2018 to crossing 100 million in October 2019, a gain of 37%.
“The 100 million android app downloads are a reflection of our leadership and granular understanding of Bharat-focused e-commerce. We are delighted that our efforts to improve access, convenience and value for millions of users across India continues to grow and deepen the e-commerce market in India”, added Snapdeal.
Snapdeal has made several additions in its app to cater to the comfort and convenience of those starting their online journeys. This includes a continuous feed that is personalized for each user, allowing users to discover relevant products in an engaging way. In addition, the app features SD TV – which has thousands of short product videos highlighting the functionality and salient features of popular products.
Based on feedback from users, Snapdeal has added various fun and engagement activities on its app. More than a million sessions of Spin the Wheel, Scratch Cards, Daily Visits Recorder, Timer-based challenges etc are unlocked every day on the Snapdeal app. These gamification initiatives incentivize users in a variety of ways through instant rewards, special deals etc.
Snapdeal’s growth is also evident from its growing traffic. In October 2019, the monthly traffic to Snapdeal crossed 240 million visits – recording an all-time high.
As per SimilarWeb data of September 2019, Snapdeal with its 848 million visits to its web & mobile sites in the last 12 months is the third-largest e-commerce platform in India after Amazon and Flipkart.
It is more than four times the size of the Chinese e-commerce platform, Club Factory – which with its 205 million visits in the last 12 months is a distant #4 in the Indian market.
Snapdeal is now eight times the size of Paytm Mall, which recorded about 106 million visits to its web and mobile sites during October 2017-September 2018.
Snapdeal’s growth is based on a strategy of pursuing growth basis healthy unit economics while simultaneously maximizing the operating efficiency of the marketplace. As per audited financials for the FY 2019-20, Snapdeal’s consolidated revenues grew by 73% (from Rs 535.9 Cr in FY 18 to Rs 925.3 crore in FY19). Simultaneously, it also reduced its loss by 71% (from Rs 611 Cr in FY 18 to Rs 186 Cr in FY 19).
Pursuant to its Snapdeal 2.0 strategy unveiled in August 2017, Snapdeal has sharpened its focus on the needs of the value-conscious buyers in India. This market of 400 million potential buyers is the fastest-growing segment in Indian e-commerce. In the recently concluded Diwali season, Snapdeal saw growth not just in terms of traffic and app downloads but also witnessed 52% increase in order volumes this festive season, with 90% of its orders coming from non-metro users.
Snapdeal’s growth in traffic and increase in volumes is also due to the deepening of its focus on value-priced merchandise. In the last two years, Snapdeal has added 60,000+ new seller partners, who have added over 50 Million new listings aimed at building a deep assortment of products relevant for value-savvy buyers. Snapdeal now has more than 500,000 registered sellers, who have more than 200 million listings on the marketplace.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
