Snapdeal, India’s e-commerce company, has raised $40 mn from global investors Bessemer Venture Partners (a private equity firm), along with existing investors Nexus Venture Partners and IndoUS Venture Partners to expand its domestic and international presence . This is the largest private investment in an Indian Internet company till date.
Commenting on the investment received, Kunal Bahl, CEO- Snapdeal, said: “The last 16 months have been the most exciting journey of our entire team’s lives. From entering a cluttered industry to establishing itself as a dominant e-commerce company in India, Snapdeal has come a long way. The exponential growth in the business has been due to the efforts of our 500 strong team and support of our customers, merchants and business partners. We welcome Bessemer Venture Partners to our family. This significant investment will help us expand our Products business, further strengthen the local and national merchant deals vertical and introduce various cutting edge innovations to enhance consumer and merchant convenience.”
The e-commerce company has 8 million members, operations across 50 cities in India, and partnerships with over 10,000 brands and retailers from various categories. It offers online deals for retail lifestyle, branded products, electronics, fashion accessories & travel with an addition of 3 new subscribers every second.
– IndiaRetailing Bureau