15 February, 2016, New Delhi: In its head-to-head competition with global giant Amazon, India’s biggest online marketplace, Snapdeal has raised fresh funding of US $200 mn. The round was dominated by Ontario Teachers’ Pension Plan, Venture capital fund – Iron Pillar and Singapore-based investment entity – Brother Fortune Apparel. Apart from these active investors, some big players such as Bennett Coleman & Co. also participated in the funding round.
The fresh funding was raised on company’s valuation which hovers around US $6-7 billion. However, the company’s valuation (the company was valued US $5 bn in August 2015) has increased immensely as compared to its last funding round in August 2015.
“We see these investments as a continuing endorsement of Snapdeal’s strategy to build India’s most reliable and frictionless commerce ecosystem. We continue to make targeted investments in building internal and external capabilities that will enable us to consistently deliver optimal experience for the millions of buyers and sellers who transact daily on Snapdeal,” Anup Vikal, Chief Financial Officer, Snapdeal said.
Snapdeal is actively looking for some big investors and it has managed to pull in companies such as Alibaba of China to invest in the company. Alibaba had invested around US $ 146 mn as per the documents filled in Registrar of Companies.