Snapdeal Secures US$100 Million from Investors.
One of the leading e-commerce platforms based in India, Snapdeal, has recently announced that it has managed to complete a fresh round of financial funding that total up to US$100 million. The investors involved during this where, Singapore-based Temasek, BlackRock, Hong Kong-based Myraid, Premji Invest and Tybourn.
This investment has set Snapdeal to be valued at US$1 billion. During the previous month, Temasek, Through its wholly-owned subsidiary Vertex Venture Management invested an undisclosed amount of money into the India site known as Yatra.com.
“We see this financing round as another endorsement of Snapdeal’s differentiated strategy and progress as India’s largest online marketplace. We are pleased to welcome several marquee global investors as our partners and believe their association will contribute to Snapdeal’s long-term success. Our mobile and internet commerce marketplace is now connecting millions of buyers to a very large base of sellers that offer products and services of national and international brands. We will continue to focus on creating life changing experiences for the buyers as well as sellers in the Snapdeal ecosystem,” said Kunal Bahl, Co-founder and CEO of Snapdeal.
This investment follow though with Snapdeal’s previous round of financial funding for a total of US$133.77 million that was finalized during February 2014 with participation from Snapdeal’s existing investor which included eBay, Kalaari Capital, Nexus Ventures Partners, Bessemer Venture Partners, Intel Capital and Saama Capital.
The e-commerce platform has been continued to intensively increase its offerings durig the middle of Flipkart and Myntra acquisition talks.It has recently introduced a new platform named “Launchpad” for innovators and inventors across the country to showcase their products on the website.
This has shown to be one one of the main reasons for the increasing interest investors have been growing for Indian e-commerce space where each playet is trying to gain the attention of their consumers though innovative offerings.
This clearly validates the rising investor interest in the Indian e-commerce space where each player is trying to grab the consumer’s attention through innovative offerings.