FINO PayTech flags off assisted e-commerce with Snapdeal.com

Mumbai,November 14, 2014: FINO PayTech, a payments solutions provider with the largest alternate delivery network, has flagged off an initiative that brings ecommerce closer to people with no access to Internet. In a first-of-its kind partnership with Snapdeal.com, the company has launched assisted e-commerce centres in semi-urban, rural and low income residential areas across the country. With this, FINO PayTech through its extensive network would provide access to an assortment of over 1000Snapdeal.com products to people from low income groups.

FINOPayTechand Snapdeal.com have tied up to launch assisted e-commerce centers that enable the target segment to shop online. The plan is to set up assisted outlets across 65 cities and over 70,000 rural areas by the end of this FY 14-15. FINO’s dedicated network of Money Mart outlets would lead the initiative forward. Some of the locations that provide assisted ecommerce service include Dharavi (Asia’s Largest Slum), Shivajinagar, Pune, Varanasi,Valsad (Gujarat) Urban Villages of Noida, Gurgaon, Hyderabad and Jaipur.

Through the assisted e-commerce model powered by FINO PayTech network, people would be able to access and purchase from the special assortment of utility cum aspirational productsoffered by Snapdeal.comfor e.g. Speakers, Juicers, Solar Lanterns, Diner Sets, Camera and Mobile Phones. These products offer a high value proposition and have been curated on an exclusive page requiring login by FINO agent, who would place an order, collect payment, receive and deliver to people who have no permanent address.

Launching the initiative, Rishi Gupta, COO and Executive Director, FINO PayTech said, “The innovative assisted e-commerce model brings the ease and benefit of e-tailing to more than 70% of country’s populationnot connected to internet but is aspirational and willing to explore online shopping. We are pleased to partner with Snapdeal.com in its efforts to reach out and provide an assortment of relevant products to this new customer segment. This association is of strategic importance as it allows us to unlock the potential of our last mile delivery network. We believe this breakthrough initiative could be a potential game changer in ecommerce after the hugely successful ‘cash on delivery’ and ‘mobile app’ models.

Together we look forward to a deeper and long term engagement with customers through the unique assisted e-commerce model.”

Speaking about the partnership, KunalBahl, co-founder and CEO Snapdeal.com said, “Technology and innovation lie at the heart of Snapdeal.com and with this initiative we are taking yet another step to revolutionize the e-commerce landscape of India. By leveraging Snapdeal’s nationwide distribution network and reach, we can now try and make a difference to our country, both on the demand and supply side.We are thrilled to partner with FINO to reach out to the larger population of the country in semi-urban, rural and low income residential areas. Together we aim to provide innovative, yet simple ways to reach and service those end-consumers who are still not exposed to the benefits of online shopping. Keeping in mind the expectations and needs of the lower income group customers we have created a mixed assortment of aspirational and utilitarian products.FINO will assist in sales, payments and delivery of ordered products to customers through its network”.

This collaboration aims at overcoming the several logistics, operational and technological challenges by touching the lives ofconsumers from semi urban, rural and low incomeresidential areas. FINO PayTech plans to unlock the potential of its delivery network by expanding this scope to other industry segments that are keen to reach out to the large rural market.

About FINO PayTech Limited:

FINO PayTech Limited, an investor driven company, is a payments technology firm providing solutions to banks, MFIs, insurance firms and government agencies. With a presence across 28 states covering more than 70,000 rural and urban areas, FINO PayTech has the largest alternate delivery channel in the country.It services over 28 million active banking customers providing a range of financial services viz savings, remittance, insurance, credit etc. FINO PayTech aims to provide access to financial and non-financial products using all available platforms that provide immense value to a large section of the population. URL: www.finopaytech.com

About Snapdeal.com

Snapdeal’s vision is to create India’s most trusted digital marketplace that creates life-changing experiences for buyers and sellers. In February 2010, KunalBahl along with Rohit Bansal, started Snapdeal.com - India’s largest online marketplace, with the widest assortment of 5 million+ products across 500+ diverse categories from thousands of regional, national, and international brands and retailers. With over 30 million members and 50,000+ merchants, Snapdeal.com is the shopping destination for internet users across the country, delivering to 5000+ cities and towns in India. The company witnessed phenomenal growth in 2013-14, growing 600% from 2013 to 2014, making it the fastest growing e-commerce company in India, through its leadership in the m-commerce revolution in India, with over 60% of its orders coming from mobile phones. In its journey till now, Snapdeal has partnered with several global marquee investors and individuals such as Softbank, BlackRock, Temasek, eBay Inc., Premji Invest, Intel Capital, Bessemer Venture Partners, Mr. Ratan Tata, among others. For further information, visit http://www.snapdeal.com