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Indian online marketplace Snapdeal raises $200 million
Indian online marketplace Snapdeal has raised a $200 million, giving it a valuation of around $6.5 billion, as the firm looks to ramp up investments in logistics and infrastructure in the fast-growing domestic e-commerce sector.
Indian online marketplace Snapdeal has raised a $200 million, giving it a valuation of around $6.5 billion, as the firm looks to ramp up investments in logistics and infrastructure in the fast-growing domestic e-commerce sector.
The fundraising, led by Canada's Ontario Teachers' Pension Plan and funds advised by Iron Pillar, comes at a time when there are increasing worries about incremental funding among Indian startups.
In December, Snapdeal co-founder had told Reuters the company is looking to increase spending on logistics and technology to better compete with rivals.
Indian e-commerce market, dominated by Flipkart, Amazon and Snapdeal, is estimated to be worth $220 billion by value of goods sold by 2025. E-tailers, however, are racking up millions of dollars in losses in their bid to capture market share through deep discounts.
The latest fundraising comes after the company raised $500 million raised last August in another round led by Alibaba Group Holding, SoftBank Group Corp and Foxconn.
Flipkart closed a $700 million fundraising round last year.
(Reporting by Himank Sharma; Editing by Gopakumar Warrier and Miral Fahmy)
