 "eBay leads new round of funding for Snapdeal at $134 million")
Online auction platform eBay is leading yet another round of funding, estimated at $133.8 million, for online marketplace Snapdeal. This is one of the largest capital raises by an Indian digital commerce venture in recent times.
With this funding, eBay’s stake in Snapdeal has been raised, sparking rumours of even possible buyout. “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 Snapdeal Co-founder and CEO Kunal Bahl.
“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 eBay Senior Vice President and APAC Managing Director Jay Lee, in a press release.
“We continue to invest in Snapdeal due to its complementary business model, good management team and strong brand,” he added.
Latif Nathani, Managing Director, eBay India, said that eBay’s partnership with Snapdeal will benefit Indian businesses of all sizes, consumers and local commerce.
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