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:
Enters elearning services
Launched regional version of its website in Hindi and Tamil
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
Launched gifting category
Launched Furniture category
Got funding from Intel Capital, Russian venture fund ru-Net and Saama Capital
Acquired handicraft marketplace Shopo.in
Raised $40 Mn in series B funding from Bessemer Venture Partners, Nexus Venture Partners and IndoUS Venture Partners.
Became an ecommerce company via a marketplace model
Raised $45 Mn from Bessemer Venture Partners, Nexus Venture Partners and Indo-US Venture Partners
Raised $12 Mn from Nexus Venture Partners
and Kalaari Capital
Acquired group buying site – Grabbon.com
Launched as discount deal site