E-commerce marketplace Snapdeal.com has raised $50 million from eBay and existing investors; including a Japan based financial institution. As per the reports, the investment was led by eBay and alongwith participation from existing investors Bessemer Venture Partners, Nexus Venture and Kalaari Capital (formerly Indo US Venture Partners). With this round, Snapdeal has raised $102 million of funding in total.
Snapdeal was looking raise up to $100 million in fresh funding. There were speculations that eBay is considering a minority investment in Snapdeal, and it was expected that eBay might initially acquire only a 5% stake valuing Snapdeal at around $300 million, when iamwire team contacted them to know about this, a spokesperson from eBay India said, “eBay does not comment on rumours or speculation.”
Snapdeal has raised $12 million Nexus Venture Partners and Kalaari Capital (formerly Indo US Venture Partners) in January 2011 and later it raised $40 million in series B funding from Bessemer Venture Partners, alongwith existing investors Nexus Venture Partners and IndoUS Venture Partners in July same year.
Recently, Kunal Bahl, shared his views with PTI and said “We expect the sale of goods on Snapdeal’s platform to cross Rs 2,000 Crores in 2013-14 fiscal on the back of a strong growth. We have maintained a growth rate of about 400 per cent year-on-year in the last two years”.
Started as a discount deals engine in 2010 by Kunal Bahl and Rohit Bansal, Snapdeal has now turned into marketplace and is shipping to around 4,000 cities in India.