eBay-led group invests Rs 830 cr in Snapdeal
Looking to tap the "huge opportunity" in the Indian e-commerce space, eBay is leading a $133.77 million (about Rs 830 crore) investment in online market place Snapdeal.business Updated: Feb 27, 2014 23:24 IST
Looking to tap the "huge opportunity" in the Indian e-commerce space, eBay is leading a $133.77 million (about Rs 830 crore) investment in online market place Snapdeal.
Other investors include Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital.
Last year, New Delhi-based Snapdeal raised $50 million from eBay-led group of investors.
After this round of funding, total investments raised so far by the homegrown online marketplace rose to over $235 million (about Rs2,457 crore).
Launched in 2010, the company, with a headcount of over 1,000 people, offers products across more than 500 categories through 20,000 sellers and delivers to over 4,000 cities in India.
"We are excited to grow eBay India under a great management team and to invest in the complimentary Marketplace Snapdeal. India is a huge opportunity," Devin Wenig, president, marketplaces, eBay said in a Twitter post.
Growing wealth, acceptance of technology and smartphone penetration will boost the Indian e-commerce market, Wenig added.
Besides Snapdeal, other e-commerce players such as Flipkart and Myntra have also led similar fund-raising missions.