29 May 2017, India:
In a bizarre news, One of the India’s online marketplace, Snapdeal has raised a fresh round of funding from Nexus Venture Partners and the company’s founders Kunal Bahl and Rohit Bansal as per the report by VCCircle.
One of the early investors in Snapdeal, Nexus Venture Partners has put Rs. 96.26 crore in the latest round, according to documents with the Registrar of Companies (RoC). Snapdeal CEO Bahl and COO Bansal contributed Rs 8.45 crore each, the documents show.
The funding round comes as a surprise as the e-commerce marketplace is also set to be acquired by India’s largest Online retailer Flipkart. It’s not clear yet on how the latest Snapdeal funding affects the e-commerce firm’s sale talks with Flipkart
Recently, Flipkart signed a non-binding termsheet for Snapdeal merger. Two minority shareholders – Azim Premji and Tata are reportedly yet to give their nod to the acquisition, although they don’t have rights to block any potential transaction. The merger is valued close to $1 billion and post the merger, Flipkart has assured that the Snapdeal employees will retain their jobs. The merger will commence probably in the first week of June. (Image- Snapdeal)