The Indian e-commerce site Shopo, owned by Snapdeal will be closing from today, February 10. This decision was taken as there have been leadership changes and also losses from the application. Shopo is terminating its operations as the Snapdeal Inc., is looking at optimizing costs for competing with Flipkart and Amazon.
Shopo, in a Blogpost, wrote, “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 vibrancy in the C2C space in India.”
The application has helped in building up more than 2 lakh sellers to its consumer base. The blog added regarding this, “However, we realize that it will take some more years for a broader ecosystem to develop around the C2C segment.”
Snapdeal, backed by SoftBank has taken under its umbrella, all the Shopo employees without laying them off. The application acquired by Snapdeal in 2013 and was launched as a mobile only application in the marketplace in 2015 had an investment of US $100 million. The application was one of its kind which let the sellers converse on their smartphone application and had zero commission and zero fee policy.
