Snapdeal announced that it has completed a new round of equity financing of US$ 100 million. The investors in this financing include funds managed by Temasek, BlackRock, Myriad, Premji Invest and Tybourne.
“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, Snapdeal’s Co-founder and CEO.
This financing follows Snapdeal’s previous round of equity financing of US$ 133.77 million that was completed in February 2014 with participation from Snapdeal’s existing investors including eBay Inc., Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital.
Credit Suisse acted as Snapdeal’s exclusive financial advisor and Indus Law acted as Snapdeal’s legal advisor for the financing.”
Launched in February 2010, Snapdeal.com has seen growth in a span of four years and is currently one of the largest online marketplaces in India. With over 25 million members, 500+ product categories and 30000+ sellers, Snapdeal.com is the shopping destination for internet users across the country, delivering to 5000+ cities and towns in India.
Snapdeal also manages TrustPay and SafeShip platforms that provide buyer & seller protection and intelligent logistics enablement, respectively. The company is run by a young, dynamic and innovative team of over 1300 people, and is backed by leading global investors.