13 Feb 2016, Delhi : Indian e-commerce giant Snapdeal has raised INR 335 Crore in Series J round of funding from Singapore based Brother Fortune Apparel, The Financial Express reported today. The funding seems to have taken place on January 29th.
The fresh round of funding will help the company gain more customer base in a country where the three big giants – Amazon, Flipkart and Snapdeal are in a cut throught competition to acquire more users. Amazon is slowly and steadily pumping in a lot more money in India and is moving ahead with quiet aggression. Flipkart and Snapdeal on the other hand have been aggressively competing with each other for the last few years to get more and more customer attention.
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Snapdeal was started in 2010 by Kunal Bahl, Rohit Bansal. The company today employs more than 5000 people. Investors in the company include SoftBank Corp, Ru-Net Holdings, Tybourne Capital, PremjiInvest, Temasek Holdings, Bessemer Venture Partners, IndoUS Ventures, Kalaari Capital, Saama Capital, Nexus Ventures, Intel Capital, and Ratan Tata. The company was valued at $5 billion in 2015 and excluding the recent round has raised about $1500 million till now.