Snapdeal raises $133 Mn in new funding round led by eBay and its existing investors

Snapdeal raises $133 Mn in new funding round led by eBay and its existing investors

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.

Snapdeal was launched in 2010 by Kunal Bahl, a Wharton graduate, and Rohit Bansal, an alumnus of IIT Delhi, lets have a quick look into Snapdeal expansion Timeline:

Month/Year

Event

February 2014

Enters elearning services

January 2014

Launched regional version of  its website in Hindi and Tamil

October 2013

Introduced reglobe to allow users to sell their used gadgets through the website, Launched Wedding store, Launched iOS app and  Introduced price search by SMS

August 2013

Launched gifting category

July 2013

Launched Furniture category

June 2013

Got funding from Intel Capital, Russian venture fund ru-Net and Saama Capital

May 2013

Acquired handicraft marketplace Shopo.in

April 2013

  • Closed $50 Mn in Series C funding from eBay, Bessemer Venture Partners, Nexus Venture and Kalaari Capital

  • Launched TrustPay to guarantee 100% cashback in case of non satisfaction by customer regards to the product.

  • Started accepting International cards for payments

July 2012

Raised $40 Mn in series B funding from Bessemer Venture Partners, Nexus Venture Partners and IndoUS Venture Partners.

May 2012

  • Launched Android app

  • Launched sports category

April 2012

Acquired eSportsbuy.com

September 2011

Became an ecommerce company via a marketplace model

July 2011

Raised $45 Mn from Bessemer Venture Partners, Nexus Venture Partners and Indo-US Venture Partners

January 2011

Raised $12 Mn from Nexus Venture Partners

and Kalaari Capital

June 2010

Acquired group buying site – Grabbon.com

February 2010

Launched as discount deal site

Author

Pooja Sareen

Inc42 Staff
Editor and Co-founder @Inc42 Magazine, Former @iamwire. She keeps a close eye on ecommerce industry. She can be reached at [email protected]
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