Snapdeal has ventured into a 50:50 partnership with India's largets cable TV distribution company Den Networks in order to extend its reach to television home shopping audiences, as reported by Economic Times.
The report further elaborates that the joint venture will leverage Snapdeal's wide product category, over 30,000 vendors and Den Network's robust distribution model. E-mail queries mailed to Snapdeal's concerned authorities remain unanswered.
"This deal would benefit both Snapdeal and Den Networks where Snapdeal gets direct access to millions of households at one go while Den gains from the deep domain expertise of the former to build up a strong revenue stream," KS Reddy, Advaya Equity Advisors told ET.
Snapdeal has raised around $100 million in May this year in a fifth round of funding. Leading PE firms such as Blackrock, Temsek Holding, Premji Invest had valued the company at $1 billion.