Now Snapdeal to setup technology incubator in India

Jasper Infotech, company which runs SnapDeal.com, is in the middle of the process of opening its own mobile-focused technology incubator. Through this incubator, the company is looking forward to offer a great array of services so as to fulfill its goal of grabbing the top slot in India’s super competitive ecommerce market. Jasper Infotech is the same company which owns and operates Snapdeal.com, India’s largest online marketplace.

According to a Senior Executive at Snapdeal, the incubator will foster early stage startups working in the mobile technology space. The incubator is expected to become fully functional from this financial year.

According to Abhishek Kumar, who is the head, corporate development, at Snapdeal, the company is still in the middle of the process of structuring the incubator and the plans are in place. The company will start looking for early stage ventures once they have an interface for it. The interface will be completely separate from Snapdeal.com. Kumar recently joined Snapdeal in July and is expected to head the company’s M&A initiatives.

Snapdeal has plans of incubating eight ventures for two months per batch. The company will form a separate team to run the initiative.

“We are now almost a mobile first country, and going forward, will be a mobile-only economy. Ana increasing amount of content and transactions are happening on hand-held device..That’s the ecosystem we are targeting” said Kumar.

Snapdeal is also planning on providing seed funding to the ventures it incubates, while taking an equity stake in them. The seed funding will help the companies cover up their expenses. Snapdeal might partner with other mobile companies or incubators for this initiative.

This move from Jasper Infotech has come at a time when almost all the country’s internet majors are working towards tapping the 900 million mobile subscribers of the country, which is one of the largest in the world. Every company is working hard so as to distinguish itself from the crowd and emerge as the leader of the fastest growing ecommerce market all around the globe.

The incubator can also act as a seeder for Snapdeal.com as it plans to make more acquisitions in the mobile space. The company is currently targeting four acquisitions in this financial year centered around data analytics space and mobile technology.

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