Lead Story

Deal or Ordeal?

Amid falling orders and shrinking market share, Snapdeal faces a tough choice of either roping in a white knight or run the risk of fading into oblivion

Illustration: Kishore Das

“They behaved like junkies on dope!” That’s how an investor describes 34-year-old Kunal Bahl and his best pal Rohit Bansal, the co-founders of Snapdeal, once a promising e-commerce player but now relegated to the sidelines in a hyper-competitive online retail world. At its peak valuation of over $6.5 billion in 2016, Snapdeal had all the strapping of a unicorn till it all fizzled out to today where it’s now turned into a unicorpse, a Silicon Valley term that describes a start-up whose valuation falls below $1 billion. Snapdeal, which attracted over $1.7 billion from investors, had everything going for it, till the co-founders blew it all up in the wild chase to take on the might of Flipkart and Amazon.