Indian E-Commerce Co. Snapdeal Raises $100M to Stay in Race
May 22, 2014
Snapdeal, an India-based online retailer, has raised $100 million in new funding from Temasek, BlackRock, Myriad, PremjiInvest and Tybourne, bringing its total to-date funding to over $400 million. The new deal comes just months after the company raised $134 million at a $1 billion valuation this past February. Snapdeal is raising all this capital to keep up with the other major e-commerce players in India, notably Amazon and Flipkart. Amazon is quickly ramping up its presence in India, aiming to eventually offer its entire global line of services in the country. Flipkart has raised over $540 million in funding, most recently landing a $360 million Series E round that valued the company at $1.6 billion. It is also in the process of acquiring Indian fashion retailer Myntra for a reported $330 million.
Snapdeal acquired a fashion retailer of its own recently, scooping up India-based doozton.com this past April. It will reportedly use the funding in part to make additional acquisitions. The e-commerce space in India is undoubtedly continuing to heat up, and Snapdeal's $234 million raised within three months has without question solidified its place in the market.