Update: Our readers point out in the comments that BuyThePrice shifted to a marketplace model a few months ago.
Earlier: Naspers owned Tradus appears to have bought out ecommerce portal BuyThePrice.com, a little over a year after it had invested Rs 8.5 crore in the company. The domain buytheprice.com now redirects to buytheprice.tradus.com, and a notice on the website informs visitors that BuyThePrice.com is now a part of Tradus. Hat tip: Sai Kumar
Tradus recently appointed Mudit Khosla as its CEO, joining from Seventymm. The site claims that the Buytheprice catalogue is now available at Tradus, which is a little strange because BuyThePrice was an e-commerce venture, while Tradus is a marketplace. So is Tradus now holding inventory, or are the items available at BuyThePrice merely being sourced from external vendors?
Under India’s unfortunately myopic regulations for multi-brand retail, foreign direct investment in online multi-brand-retail is not allowed. However, marketplaces are allowed, as a result of which many e-commerce ventures are shifting to a marketplace model.
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BuyThePrice had raised an undisclosed amount from a series of angel investors including Google India MD Rajan Anandan, Rehan Yar Khan, Sunil Kalra and many others. Launched in March 2010 by Ranjith Boyanapalli, previously the Head of eTail for the e-commerce company eYantra, along with Tharachand Suryadevara and Jagdish Kothapalle, BuyThePrice had offices in Hyderabad, Mumbai and Delhi and had told The Economic Times in June last year that it was doing 1000 transactions a day, with 35-40% repeat orders. Revenue wise, BuyThePrice claimed to have generated Rs 3 crore revenue in the first year and was hoping to reach Rs 100 crore by the end of this fiscal year (2012-13).
Tradus competes with other e-commerce marketplaces like eBay India, Snapdeal and Indiatimes Shopping*. Note that Naspers invested in the E-commerce major Flipkart. Flipkart is launching a marketplace, and had reportedly sold its front end retail operations WS Retail to a group of investors led by former OnMobile COO Rajiv Kuchhal.
Disclosure: Times Internet Ltd, which owns Indiatimes Shopping is an advertiser with MediaNama