Snapdeal Collects $50 Million In Series C Funding From eBay And Existing Investors
Online retail platform Snapdeal has raised a massive $50 million in funding from investors led by online auction site eBay, according to Next Big What
As per the reports, the investment was led by eBay and alongwith participation from existing investors Bessemer Venture Partners, Nexus Venture and Kalaari Capital (formerly Indo US Venture Partners). With this round, Snapdeal has raised $102 million of funding in total.
Snapdeal used to offer a daily deals model up until early 2012, but it pivoted to a full-service e-commerce platform in April 2012. The company now helps sell products online in many categories including mobile devices, tablet, computers, clothing, perfume, and books.
Online e-commerce giant eBay last week said that it expects to have 12% of its sales coming from BRIC countries by 2015 in a global e-commerce market that will be worth $300 billion, and this here is one more step in that strategy. (Via Tech Crunch)
Snapdeal has raised $12 million in Nexus Venture Partners and Kalaari Capital (formerly Indo US Venture Partners) in January 2011 and later it raised $40 million in series B funding from Bessemer Venture Partners, alongwith existing investors Nexus Venture Partners and IndoUS Venture Partners in July same year.
The company has said however, that it expects the total sale of products traded on its platform to cross Rs 2,000 crore in the next fiscal helped by its robust growth in the past two years and the growing popularity of e-commerce in India.
“We expect the sale of goods on Snapdeal’s platform to cross Rs 2,000 crore in 2013-14 fiscal on the back of a strong growth. We have maintained a growth rate of about 400 per cent year-on-year in the last two years,” Snapdeal Co-founder and CEO Kunal Bahl told PTI.
[The Next Big What, TechCrunch]