Snapdeal raises US$100M from Temasek, BlackRock, Myriad and others
The investment will value the e-commerce platform at US$1 billion. Premji Invest and Tybourne are also part of the funding initiativeBy Twishy Shahi 21 May, 2014
Snapdeal, one of the leading e-commerce platforms in India, has announced that it has completed a new round of equity financing of US$100 million. The investors include funds managed by Singapore-based Temasek, BlackRock, Hong Kong-based Myriad, Premji Invest and Tybourne.
The investment will value Snapdeal at US$1 billion. Last month, Temasek, through its wholly-owned subsidiary Vertex Venture Management invested an undisclosed amount of money in Indian travel site Yatra.com.
“We see this financing round as another endorsement of Snapdeal’s differentiated strategy and progress as India’s largest online marketplace. We are pleased to welcome several marquee global investors as our partners and believe their association will contribute to Snapdeal’s long-term success. Our mobile and internet commerce marketplace is now connecting millions of buyers to a very large base of sellers that offer products and services of national and international brands. We will continue to focus on creating life changing experiences for the buyers as well as sellers in the Snapdeal ecosystem,” said Kunal Bahl, Co-founder and CEO of Snapdeal.
Credit Suisse acted as Snapdeal’s exclusive financial advisor and Indus Law was the legal advisor.
This investment follows Snapdeal’s previous round of equity financing of US$133.77 million that was completed in February 2014 with participation from Snapdeal’s existing investors including eBay, Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital.
The e-commerce platform has been aggressively scaling up its offerings amid Flipkart and Myntra acquisition talks. It has recently introduced a new platform – “Launchpad“ for innovators and inventors across the country to showcase products on the website.
This clearly validates the rising investor interest in the Indian e-commerce space where each player is trying to grab the consumer’s attention through innovative offerings.