Snapdeal raises $200 million from Canadian pension fund, Iron Pillar1 min read . Updated: 14 Feb 2016, 07:42 PM IST
Snapdeal didn't disclose its current valuation
India’s second largest e-commerce firm Snapdeal on Sunday said it has raised $200 million in fresh funds from investors led by Canada’s Ontario Teachers’ Pension Plan.
Venture capital fund Iron Pillar and other investors also participated in the round.
In August, Snapdeal raised $500 million mainly from Chinese e-commerce firm Alibaba Group, Foxconn Technology Group and existing investor Softbank Group, which valued the Delhi-based firm at about $4.8 billion post money.
The company didn’t disclose the current valuation.
“We continue to make targeted investments in building internal and external capabilities that will enable us to consistently deliver optimal experience for the millions of buyers and sellers who transact daily on Snapdeal," said Anup Vikal, chief financial officer, Snapdeal.
Founded in 2010 by Kunal Bahl and Rohit Bansal as a deals site, Snapdeal, promoted by Delhi-based Jasper Infotech Pvt. Ltd, has become the biggest local rival to Flipkart. The company has more than 275,000 sellers and over 30 million products.
It currently delivers goods to over 6000 cities and towns in India. Ontario Teachers’ is Canada’s largest single-profession pension plan with $154.5 billion in net assets. Iron Pillar is a venture capital fund focused on mid-stage technology investments in India.
Jasper Infotech Pvt. Ltd, the parent firm of Snapdeal, reported losses widening to Rs.1,328.01 crore for the year ended 31 March from Rs.264.6 crore in the previous year as it spent heavily to maintain its market share amid growing competition from Amazon and Flipkart.
Other investors that have invested in Snapdeal include Premji Invest, Intel Capital, Bessemer Venture Partners and Ratan Tata, among others.