After Flipkart Myntra Merger, Snapdeal Announces $ 100 mn From 5 New Investors
Snapdeal announced today that it has completed a new round of equity financing of $ 100 million. Investors in the Series F round include funds managed by Temasek, BlackRock Inc, Myriad, Premji Invest and Tybourne.
In February, Snapdeal had completed a round of fund raising, notching up $ 133.77 million from investors including eBay Inc., Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital.
Snapdeal, which was launched in Februar 2010 claims to have over 25 million members, 500+ product categories and 30000+ sellers on the website. Snapdeal is targeting $1 bn in sales this year and currently employs 1300 people.
Temasek is an investment company based in Singapore whereas Myriad Asset Management is a Hong Kong-based independent asset management company. Tybourne Capital Management is an equity focused investment management company.
Premji Invest is the investment office of Wipro Chairman Azim Premji which recently picked up a stake in Myntra.
E-commerce in India has quickly become a high stakes investment game business. Yesterday, we reported on the merger of Flipkart & Myntra, two of India’s largest e-commerce companies. Flipkart has raised over half a billion dollars of external funding.
Amazon and Jabong are also competing in the Indian market for a larger market share. Amazon’s quick expansion in India and common investors in e-commerce companies are also driving consolidation in the market.
Watch Snapdeal Founder Kunal Bahl on our Youtube Channel: NextBigWhat.Tv