Luxembourg-based firm Clouse SA invested more than $21 million as part of its previously announced funding round in Jasper Infotech Pvt. Ltd, which runs e-commerce firm Snapdeal, according to documents available with the registrar of companies.
Founded in 2010 by Kunal Bahl and Rohit Bansal as a deals site, Snapdeal now claims to have 300,000 sellers and more than 50 million products across 1,000 categories. Snapdeal currently delivers goods to more than 6,000 locations in India.
“The raising of fresh funds at a consistent pre-money valuation is reflection of the robust performance of Snapdeal and its continued focus on building a long-term business based on strong fundamentals like best-in-class customer experience and consistent growth in net revenue. There is huge interest in the digital commerce market in India and investors are keen to back the businesses focused on real performance metrics,” said a Snapdeal spokesperson.
According to documents filed with the Registrar of Companies, the latest tranche is part of the Series J round announced by the company a little over six months ago, and which saw the entry of Singapore-based investment entity Brother Fortune Apparel Pte Ltd, on to the company’s investment cap table.
Recently, it announced that it is starting a next-day deliver programme called Snapdeal Gold and has added 5 million products which are eligible for this and that it would be adding 10 million more for the festival season. Snapdeal also said that it has set aside Rs 200 crore for advertising spends for the holiday season.
The latest funding announcement comes at a time when the Gurgaon-based company has struggled to keep pace with rivals Bengaluru-based Flipkart and Amazon India, the local unit of the Seattle-headquartered online retail giant, having lost significant market share to the latter that has resulted in it being displaced as the country’s second-largest online marketplace in terms of shipments.