Snapdeal raises 100 mn from BlackRock, Premji Invest, others; eyes $1bn revenue this year

Written by FE Online | New Delhi | Updated: May 21 2014, 18:42pm hrs
SnapdealSnapdeal has completed a new round of equity financing by raising $ 100 million.
Online marketplace Snapdeal has completed a new round of equity financing by raising $ 100 million from funds managed by Premji Invest (the family office of Wipro chief Azim Premji), Temasek, BlackRock Inc., Myriad, and Tybourne.

This is latest in a series of deal-making in the country's ecommerce industry space, which is growing at a double-digit rate every month.

The latest round of investments follows Snapdeals previous round of equity financing of $133.77 million that was completed in February this year with participation from the company's existing investors including eBay Inc., Kalaari Capital, Nexus Venture Partners, Bessemer Venture Partners, Intel Capital and Saama Capital.

Credit Suisse acted as Snapdeals exclusive financial advisor and Indus Law acted as Snapdeals legal advisor for the financing.

Commenting on the new round of investments, Kunal Bahl, Snapdeals Co-founder and CEO, said: We see this financing round as another endorsement of Snapdeals differentiated strategy and progress as Indias largest online marketplace. We are pleased to welcome several marquee global investors as our partners and believe their association will contribute to Snapdeals long-term success."

"Snapdeal's mobile and internet commerce marketplace is now connecting millions of buyers to a very large base of sellers that offer products and services of national and international brands. We will continue to focus on creating life changing experiences for the buyers as well as sellers in the Snapdeal ecosystem, Bahl added.

On business growth, Bahl said he is confident that the company would hit the USD 1 billion revenue mark this year.

"We have seen manifold growth and a lot of it is being driven by mobile. More than 50 per cent of our orders are now coming through mobile phones. This year, we should hit the USD 1 billion milestone," he said.

Launched in February 2010, Snapdeal has seen huge growth in a span of four years and is currently one of the the largest online marketplace in India with over 25 million members, 500+ product categories and 30,000+ sellers.