February 2011, a company and two entrepreneurs were born. Kunal, about 31 years, married and a father took a decision that was going to change a lot in his life and around him. Let’s find out how this otherwise – would – be “food and movie critic” changed the course of his life.
|Date of Birth||1 January 1980|
|Hobbies||Movies and food|
|Graduation||The Wharton School
● B.Sc. Marketing and Operations Strategy
University of Pennsylvania
● B.SC. Manufacturing Systems Engineering
|Post-Graduation||Northwestern University – Kellogg School of Management
● Executive Program in Marketing
Awards and Recognitions
|2014||● BMA Entrepreneur of the Year
● ET Top 50 Entrepreneur of India
● Ranked 25 on Fortune 40 under 40 most influential business leaders list
● EY Entrepreneur of the Year – Startup
● Nasscom NextGen Entrepreneur
● AIMA Transformational Business Leader of the Year
|2015||● Indian Affairs Business Leader of the Year|
|Spouse||Yashna Bahl runs a confectionary business. Married since 2007.|
|Children||Son Adidev and daughter Siara|
|Parents||Mother is an interior designer.
Father is a businessman.
Residential Contact Details
Official Contact Details
|Address||362-363, ASF Centre, Udyog Vihar Industrial Area Phase 4, Gurgaon – 122016, Near Sector-18|
|Founded||Co-Founder & CEO
● Company Name Snapdeal
● Dates Employed 2007 – Present
● Employment Duration 12 yrs
|Also worked at||N/A|
When Snapdeal proposed its idea to be the next Alibaba in India, there was only one marketplace available named eBay, thus their idea appeared to be insane. But Kunal and his partner Rohit did not hesitate to refurbish the business model according to the Chinese marketplace revolution. His mother made a remark – “ If you don’t do it, it won’t get done”, and everything in this world if Kunal was revived.
It was the time when Kunal was with Microsoft and Rohit Bansal with CapitalOne. The duo launched a coupon business in 2007-08 as by that time internet reach wasn’t as significant as it is today. They were reaching out to investors as the business started well. Vani on looking to the whole thing told the boys that they need to focus on one plan that could fetch them millions of dollars instead of messing around with five things at the same time. Upon further meetings, in the next four months, Snapdeal was launched.
The website was new, they had to learn a lot as online business was a new domain in India like understanding customer preferences, revising the model constantly, making amendments in the platform, ensuring payments were safe, etc. Vani was mentoring them both and they took risks, made mistakes but eventually, Snapdeal grew from it.
While hiring the team, the duo made sure that people who were willing to learn were picked. It wasn’t just about developing a company but culture as a whole. They experimented on a smaller scale and launched on a larger one.
Challenges were many, like aligning supply chain, incorporating latest technology, product management, and customer satisfaction. However, with a mentor like Vani, things kept falling in their places. Kunal says that he learned one thing that e-commerce business has 3 pillars namely value, assortment, and convenience. And that he needed to build these pillars strong enough to survive the market fluctuations. Dealing with COD fails was the next step. Then came tie-ups with express delivery companies, managing the returned parcels.
When Snapdeal was in its initial years, the internet sensation changed the lives of people in India. The company was also benefitted and more and more people came on the floor to utilize the opportunity. However, Snapdeal maintained its prestige and is still among the top 3 online marketplaces in India. Challenges were there in founding the company and challenges will be there to keep it running, so Kunal does everything in his power to keep living his dream.
|2011 January||USD 12 million from Nexus Venture Partners and Indo-US Venture Partners.|
|2011 July||$45 million from Bessemer Venture Partners|
|2013 April||$50 million from E-bay|
|2014 February||$133 million from E-bay with investors like Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital|
|2014 May||USD 105 million from Blackrock, Temasek Holdings|
|2014 October||$627 million from SoftBank|
|2015 August||Alibaba Group, Foxconn and SoftBank invested US$500 million|
|2016 February||US$200 million were invested by Ontario Teachers’ Pension Plan, and Singapore-based investment entity Brother Fortune Apparel
in the Jasper Infotech, a company owned by the founders of Snapdeal.
|2017 May||$113 crore funding from Nexus Venture Partners|
Essential Info about Snapdeal
- 3,00,000 sellers,
- Over 3 crore products
- Across 800+ diverse categories
- About 1,25,000 brands
- Access to 6,000 towns and cities across the country.
- Snapdeal acquired FreeCharge for $400 million in April 2015 but resold it in 2017.
|June 2010||Jasper Infotech Pvt Ltd acquired Bengaluru-based Grabbon.com|
|2014||Doozton.com and Wishpicker.com|
|2015||Smartprix.com ; Exclusively.in ; Unicommerce.com ; RupeePower ; Gojavas.com (20%); FreeCharge.com ; and Reduce Data|
Lesser known facts about him
- Kunal says that the real hero behind the success of Snapdeal is Vani Kola, MD of Indo-US Venture Partners.
- Kunal felt that his business was successful when a customer purchased a diamond ring worth Rs 40, 000 from Snapdeal portal.
- 90% of the transactions and orders that take place on Snapdeal are not from advertisements, and Kunal takes pride in being the founder of such a trustworthy marketplace.
- Kunal’s father also was an entrepreneur who taught him that going into this direction to earn money will not make you last longer, you need to focus on a social perspective to survive. But if you need money to keep the business running, do it first, lest you should lose your whole venture. He still keeps his advice close to himself.