The Aurum Perspective – Given the large amount of capital raised by Snapdeal and Flipkart, and being the icons of the e-commerce industry in india: should any of them not finally succeed, it could have a major impact on the future of e-commerce in India.
Online marketplace Snapdeal has raised USD 100 million in a fresh round of funding at a valuation of USD 1 billion. The investment was led by BlackRock, Premji invest, Myriad, Temasek and Tybourne.
It aims to utilize the raised funds to accelerate market network, scale up its infrastructure and to extend its national and international brand building.
Till date, including this round, the company has secured a total funding of USD 435.70 million. Earlier, it has raised a funding amount of USD 133.70 million in series F round by Saama Capital, eBay, Kalaari Capital and others.
Snapdeal was co-founded in 2010 by CEO Kunal Bahl. The company is headquartered in New Delhi with 1300 People in its team. It offers best priced deals on branded products like computer peripherals, cosmetics, perfumes, watches, mobile phones, electronics, apparels, bags, footwear, sunglasses, kitchenware etc.
“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. ” said Kunal in a statement.
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