As the competition intensifies, e-commerce major Snapdeal has decided to spend $100 million (Rs 640 crore) over the next three years on research and development to enrich online shopping experience, according to media reports. The company which has set up a centre in Bangalore, is investing heavily in new technology related to multimedia and image to stay ahead of the competition. As part of its innovation efforts, it has launched a new website, ‘Findmystyle.In’, where users will be able to discover products of choice while saving time and effort. Snapdeal had acquired a startup, Fashiate, in March this year for an undisclosed amount. The three co-founders and research scientists — Gaurav Aggarwal, Nikhil Rasiwasia and Deepthi Singh — are now a part of Snapdeal’s Multimedia Research Lab that has developed Findmystyle. Snapdeal which raised about $1 billion last year, has eBay, Temasek, Myriad, Tybourne, Blackrock and Premji Invest among its investors. Tata Sons Chairman Emeritus Ratan Tata also invested in the company in his personal capacity.
