BackSnapdeal raises $200 million from Canadian fund, others
Apart from the Ontario Teachers' Pension Plan, venture capital fund Iron Pillar takes part in e-commerce firm's latest funding round
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Snapdeal, India’s second largest e-commerce firm, on Sunday said it has raised $200 million in fresh funds, in a round led by Canada’s Ontario Teachers’ Pension Plan (OTPP).
Venture capital fund Iron Pillar and other investors also participated in the latest round.
In August, Snapdeal raised $500 million in fresh funds, largely from Chinese e-commerce firm Alibaba Group, Foxconn Technology Group and existing investor SoftBank Group, which valued the New 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 New 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 more than 6,000 cities and towns in India.
Ontario Teachers’ Pension Plan 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 companies in India. The fund backs consumer and enterprise technology companies post Series A.
Jasper Infotech, the parent firm of Snapdeal, reported losses widening to ₹ 1,328.01 crore for the year ended 31 March from ₹ 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 in the company include Premji Invest, Intel Capital, Bessemer Venture Partners and Ratan Tata.
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