Snapdeal has raised $40mn from Bessemer Venture Partners, Nexus Venture and IndoUS Venture Partners. Early this year, Nexus Venture Partners and Indo US Venture Partners invested $12 mn in Snapdeal and the fresh round of funds will be used to expand their product business.
“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, one of the World’s leading Private Equity firms, 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.” [Kunal Bahl]
The funds will be used for domestic and international expansion (Snapdeal’s US launch?).
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