Online marketplace Snapdeal, apart from introducing new categories on its platform from time to time, has now added another funding round under its kitty, after online marketplace eBay led its second funding round in the company of over $133.77 Mn, as a part of its strategy to accelerate growth in emerging markets and to drive eBay’s global ecommerce leadership.
As per the company it chose to increase its investment in Snapdeal due to the company’s complementary business model, good management team and a strong brand name. “Accelerating growth in India and other emerging markets continues to be a strategy for driving eBay’s global e-commerce leadership,” said eBay Senior Vice President and APAC Managing Director Jay Lee. “eBay is excited about the prospects ahead for both Snapdeal and its own eBay India business.”
Apart from eBay, Snapdeal’s other current investors including Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital also participated in this round.
“We see eBay’s second round of investment in Snapdeal as an endorsement of our strategy and progress as well which is also a strong endorsement of our team,” said Snapdeal Co-founder and CEO Kunal Bahl.
eBay Inc. and Snapdeal will continue to work separately.
Recent investments in the ecommerce segment include Jabong raising $100 Mn, Myntra’s $50 Mn funding round led by Asim PremjI invest, and Firstcry raised INR 92 Cr.