Smile Interactive Buys Mumbai IT Firm; DealsAndYou Gets New CEO
Kachru, who was overseeing the business as the head of Smile Group's new business incubation and corporate development and was a financial advisor for the FashionAndYou.com acquisition, has been appointed as its Chief Executive Officer.
Dealsandyou.com's other co-founder, Tarun Sobhani, remains with the company as a director with a minority stake and currently handles sales. Sobhani's role will be expanded and an announcement to that effect will be made next week, Kachru said.
More top management hires can be expected over the coming months. Kachru said, "We needed to beef up the business and are strengthening the team. We will be adding more functional heads and investing in the team." The company is not actively seeking funds, he said.
Wanamo.com's original co-founders are Sampad Swain and Abhishek Shah.
Bahl said, “Kachru's in-depth industry knowledge and vast cross-functional experience has brought a lot to the organization. He led the acquisition of Wanamo.com and incubated DealsAndYou.com. We see him playing an essential role in the expansion phase.”
Wanamo.com was founded in November 2009 and was acquired by holding company Group Buying Global AG in June 2010, and Bahl led the merger as the partner. The majority shareholder in the website is Group Buying Global AG, which curiously does not seem to have an online presence. According to Kachru, it is headed by investor duo Dr. Klaus Hommels and Oliver Jung. While Hommels has been involved in Web 2.0 investments such as Skype, Spotify, Xing and Facebook, Jung has invested in Facebook, Xing, Netmoms.de, Brands4friends.de, and Nimbuzz.com.
Meanwhile, Smile Interactive Group acquired a small Mumbai-based IT company Ambab Infotech Pvt Ltd. Set up in 2007, the company is specialized in website development, e-commerce, risk management consultancy, and web/ brand portals, according to its website. The acquisition was completed last month.
Technology as the differentiator has become the driver for the Indian banking business in the past decade. Dig