The Economic Times 06 June 2013
BANGALORE: Online retailer Snapdeal has raised money from three venture capital firms and angel investors to close a $50 million ( Rs 280 crore) round of funding that began in April with investment by eBay.
Intel Capital, Russian venture fund ru-Net and Saama Capital are the three new investors in this round that values the online marketplace company at over Rs 1,000 crore. Early investors Bessemer Venture, Nexus Venture Partners and Indo-US Venture also participated in the investment along with a few angel investors.
“We split the investment into two parts. The first part was led by eBay and Japan’s Recruit Co and this time we have three venture funds that have invested,” said Kunal Bahl, cofounder of Snapdeal.com.
This is the largest institutional funding in India’s e-commerce sector this year, and coincides with the entry of Amazon into the Indian market.
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Snapdeal raises Rs 280 cr from 3 venture capital firms & angel investors
