eBay-Backed Indian Shopping Site Snapdeal Gets Another $100 Million Investment
Three months after it announced a giant $133 million investment led by eBay, Indian shopping marketplace Snapdeal has closed another $100 million in funding.
U.S. asset management giant BlackRock took part in the round, as did Singapore’s Temasek, Hong Kong-based Myriad and India’s Premji Investment. The investment is said to value Snapdeal at $1 billion, according to The Wall Street Journal.
Snapdeal, founded in 2010, operates an online e-commerce marketplace where about 20,000 businesses list all types of products for sale, from consumer electronics such as mobile phones to jeans. The site is available in English, Hindi and Tamil. Snapdeal’s competition includes Flipkart, which has raised more than $500 million in investments, Amazon’s India Web property and eBay India.
Snapdeal CEO Kunal Bahl told Re/code earlier this year that the company was forecasting $1 billion in gross sales for its upcoming fiscal year. It takes a cut of each transaction that, on average, is in the low teen percentages.
EBay, which has invested in the company’s previous two funding rounds, would consider outright acquiring Snapdeal in the future, its marketplace chief Devin Wenig said in March. The two companies advertise each other’s product listings on their own sites.