Snapdeal appoints two independent directors ahead of its proposed Rs 3,000 crore IPO

MUMBAI: SoftBank-backed Snapdeal has strengthened the company’s board ahead of its Rs 3,000 crore initial public offering (IPO) by appointing two ESG-focussed independent directors Kaushik Dutta and Richa Arora. The company is considering filing its draft red herring prospectus in the next few months, joining a growing list of start-ups preparing to tap capital markets as the nation’s digital economy booms.

Kaushik Dutta is the chairman of Zomato and is on Policy Bazaar and HCL Infosystems boards, while Richa Arora is the MD and CEO for ESG Stewardship Services at ECube Investment Advisors and has also been on the board of Tata Group’s e-commerce venture.

Snapdeal, which operates India’s leading value e-commerce platform, counts BlackRock, Temasek, Foxconn, Premji Invest, Intel Capital, Bessemer Venture Partners, and Ratan Tata.

Snapdeal is a value e-commerce platform that has helped Indian e-commerce grow beyond just brands and urban users. Nearly 80 per cent of Snapdeal’s users come from non-metro locations highlighting its deep reach across the length and breadth of the country.

The e-commerce platform hosts a wide selection of good quality, value-priced merchandise across fashion, home, beauty & personal care, general merchandise, and other categories.