eBay has announced leading a new US$133.77 million round of funding in Indian e-commerce website Snapdeal, raising its stake in the company. eBay had initially invested US$50 million in Snapdeal in 2013.
“Accelerating growth in India and other emerging markets continues to be a core strategy for driving eBay’s global e-commerce leadership. eBay is excited about the prospects ahead for both, Snapdeal and the eBay India business,” said Jay Lee, Senior Vice President and APAC Managing Director, eBay.
“We see eBay’s second round of investment in Snapdeal as an endorsement of our strategy and progress. All our current institutional investors including Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital have participated in this round as well, which is a strong endorsement of our team” said Kunal Bahl , Co-founder and CEO, Snapdeal.