Snapdeal Acquires Majority Stake In RupeePower [Going After Auto & Real Estate Loans]

Snapdeal has acquired majority stake in digital personal finance provider RupeePower, marking its foray into the financial services sector.
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Along with RupeePower, the company plans to build a financial services marketplace, offering users personal loans, educational loans, credit cards, auto loans, home loans and extended warranties amongst others.
While the financial terms of the deal have not been disclosed, the company says along with RupeePower it plans to provide INR 6,000 crore in loans over the next two years.
The company at first will only focus on providing loans to consumers rather than businesses, and along with its product offerings of cars and homes, should be able to offer users financing options side-by-side.
Further, the company will use RupeePower’s other products to reach out to the consumers in the highly fragmented personal finance sector in India.
It’s clear that Snapdeal isn’t simply trying to compete in the e-commerce marketplace in India, but is looking to provide customers with ample services that make purchasing easier.

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