Snapdeal founders Kunal Bahl and Rohit Bansal are planning to invest in Mumbai-based food ordering app TinyOwl.
According to reports, TinyOwl is looking to raise anywhere between $20 to $30 million. The funding from the Snapdeal founders is expected to get them this required amount. TinyOwl will use this funding to expand to 10 cities by mid-2015 and 50 cities by the end of this year.
“We are looking to raise fresh capital to the tune of $20-30 million, as we plan to scale up our operations and presence. Snapdeal’s founders have been supportive and we have got an indication from them that they would infuse further capital,” said co-founder Harshvardhan Mandad.
Snapdeal founders have also invested in Tripoto, Bewakoof.com, Gigstart.
In other news, Snapdeal has appointed Jeyandran Venugopal as a technology advisor. He will work with the leadership team to lay down the technology roadmap for the company. Prior to Snapdeal, Jeyandran Venugopal has worked with Yahoo and Amazon.
“Venugopal comes with a rich experience. Technology and innovation are at the core of our company, and we are positive that given his passion for technology, Venugopal will enable Snapdeal to continue to innovate,” said Rohit Bansal, co-founder, Snapdeal.com.