Snapdeal.com acquires eSportsbuy.com

MUMBAI: e-commerce company Snapdeal.com has acquired Delhi-based sports e-retailer, eSportsbuy.com.

Snapdeal.com CEO Kunal Bahl said, “Indian sports goods market is slated to become a $2.7 billion industry by 2014, and given that the offline market for this sector is highly fragmented, and unorganised to a large extent, it is a great opportunity for an e-commerce player like Snapdeal, to bridge the gap in demand and supply. The team at eSportsbuy has done a great job in building a strong supply side network of sports and fitness products.”

Started almost a year back by IIT graduates Prateek Agarwal and Amit Monga who have worked with companies like Amazon and IBM, eSportsbuy has built a wide range of quality sports products across hundreds of national and international brands.

In a similar move, another e-retailer Flipkart bought letsbuy.com in February for a reported $20 million.

E-retailing is rearing its head in India in a big way with many sites cropping up in the past year or so. According to Avendus Capital, the ecommerce industry in the country will grow by four times the present size to reach $24 million size in 2015.