Jasper Infotech which operates e-commerce platform Snapdeal.com raised Rs 113 crore in March 31, 2017 from founders Kunal Bahl and Rohit Kumar Bansal and investor Nexus Ventures III, as per the parent company’s filings with the registrar of companies on Monday. While Bahl and Bansal invested Rs 8.45 crore each for 1,300 shares and Nexus put in Rs 96.25 crore for 14,810 shares.
Snapdeal did not respond to an email query sent by FE till the time of going to press. The filing came in public amidst talks of Japan based SoftBank Group, the largest investor in Snapdeal selling the company to rival Flipkart at a valuation of about $1.2 billion. It is understood Flipkart has signed the term sheet with Snapdeal, and is in the process of conducting financial due diligence.
Early this month, SoftBank in its annual earnings call said, that it had incurred losses of $1.4 billion (¥160.419 billion) on investments in e-commerce player Snapdeal and taxi aggregator Ola in the period to March 2017. The losses compare with a gain of $1 billion (¥114.377 billion) in 2015-2016. SoftBank has also invested in Oyo Rooms.
SoftBank first came on board as an investor in Snapdeal in August 2013, when it invested about $75 million in the e-retailer. In all, the Japanese investment firm has infused close to $800 million in the company.
However, with losses spiralling, Snapdeal is strapped for cash and SoftBank is now reportedly looking to sell the business to Flipkart. ANI Technologies, which runs Ola, reported revenues of Rs 758.23 crore in 2015-16 and a loss of around Rs 2,313.7 crore.