Kunal Bahl (left) and Rohit Bansal, Co-founders of Snapdeal, AceVector Group and Titan Capital Image: Madhu Kapparath
An ancient land of immense wealth and untold riches, India, famously known as the ‘sone ki chidiya’ or the Golden Bird, held the position of one of the world’s top two largest economies for centuries, spanning from the early eras through till the 17th century. However, India experienced significant changes in the last few centuries that have shaped its trajectory in the modern world. Today, after 350 years, India stands tall as one of the largest democracies with a vast young population that is steadily climbing the economic ladder. It stands on the verge of being the third-largest economy in the world after centuries. With the implementation of advanced technologies like 5G and the upcoming advancements in connectivity, India has become a seamlessly connected nation, fostering a thriving ecosystem where digitalisation has played the role of a great enabler and socioeconomic equaliser.
These recent developments have profound implications for digital commerce in India. Ecommerce has evolved rapidly in the country, and become an integral part of hundreds of millions of Indian households. With over 600 million internet users and counting, India has emerged as a vibrant market for online businesses. The convenience and accessibility offered by ecommerce platforms have revolutionised the way people shop, enabling them to connect with a wide range of products and services at their fingertips.
Snapdeal’s success and endurance can be attributed to its focus on serving Bharat, the heartland of India, where a significant portion of the population resides. The company has closely aligned itself with the needs and aspirations of these consumers, understanding their preferences and offering a customised experience that relies on intuitive visual layouts, vernacular interfaces and user assistance on tap—collectively ensuring a seamless and pleasurable shopping experience. Furthermore, Snapdeal continues to integrate the latest technologies across all parts of its business—to enhance user experience, streamline logistics and improve efficiency. This commitment to innovation has been instrumental in the steady progress towards profitability.Also read: ONDC is India's next big bet after UPI
Recognising the value of technology for digital-savvy entrepreneurs and businesses, our group company, Unicommerce, specialises in providing advanced ecommerce-enablement solutions. We have expanded our offerings to thousands of merchants across seven countries, helping them create much-loved brands, efficient supply chains and setting new benchmarks that exceed customer expectations. With our robust platform, we process over 600 million ecommerce orders annually. Now, we are extending our services to other businesses in need of cutting-edge ecommerce solutions, enabling them to optimise their supply chains and also align with an increasingly omnichannel retail environment.
In addition to our journey of building and growing Snapdeal and Unicommerce (both part of the Acevector Group), we have also had the privilege of supporting and nurturing new-age companies and founders through Titan Capital, our early-stage investment firm. Our efforts have been focussed on strengthening the startup ecosystem in India, with investments in companies that are revolutionising various industries. In this endeavour, we have had the privilege of supporting over 250 technology startups, consumer brands, and software-as-a-service (SaaS) platforms, recognising their potential to reshape various industries and drive economic growth for the country.
India’s rise as a leading player in the global business landscape is undeniable. As entrepreneurs and investors, we firmly believe that India is destined for a new era of greatness. The immense potential of the Indian market, coupled with the entrepreneurial spirit and innovation that permeates the country, makes it an exciting time for all stakeholders.
As we witness the resurgence of the ‘sone ki chidiya
’, entrepreneurs, businesses, and investors must seize the opportunities presented by this remarkable journey and contribute to the nation’s continued success. What a time to be alive in India!
(This story appears in the 16 June, 2023 issue of Forbes India. To visit our Archives, click here.)