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  1. Snapdeal raises Rs 335 crore from Singapore firm

Snapdeal raises Rs 335 crore from Singapore firm

Fresh round of funding will help the company fight home-grown e-commerce player Flipkart

By: | Bangalore | Updated: February 13, 2016 9:40 AM
Snapdeal, nalli brand The funding raised on January 29 was revealed in a document filed by the company with the Registrar of Companies. The company declined to comment on the story. (Reuters)

Online e-commerce marketplace Snapdeal has raised Rs 335 crore in Series J round of funding from Brother Fortune Apparel, a Singapore-based company.

Founded in 2010 by Bahl and Rohit Bansal as a deals site, Snapdeal, has become the biggest local rival to Flipkart. For 2014-15, the company has posted a revenue of Rs 938 crore with a net loss of Rs 1,328 crore, a five fold rise compared to 2013-14 when it posted a loss of Rs 264 crore.

The funding raised on January 29 was revealed in a document filed by the company with the Registrar of Companies. The company declined to comment on the story.

The fresh round of funding will help the company fight against home-grown e-commerce player Flipkart, valued at $15 billion, and Amazon, whose founder Jeff Bezos has committed $2 billion in investment for India.

Snapdeal had raised $500 million last year from SoftBank, China’s Alibaba, Japan’s SoftBank and Taiwan’s Foxconn even another investor e-commerce company eBay made a partial exit from the online marketplace. Its other investors include BlackRock, Temasek, eBay, Premji Invest, Intel Capital, Sequoia Capital, Ratan Tata, among others. Snapdeal was estimated to be valued at $5 billion as of last year. Excluding this round, the company has so far raised close to $1500 million from these investors.

In a way it is not a surprise that the company has raised the funds from the apparel company. Snapdeal in December said that their fashion category has grown by 250% y-o-y and has attracted the highest number of users in 2015.

“The Women’s fashion category witnessed 220% increase in orders followed by Men’s fashion (130%) and kids fashion (100 %),” the company said in a statement. In Februrary 2015, the company had acquired Exclusively.com (formerly Exclusively.in), the online fashion segment for premium and luxury fashion brands.

Snapdeal claims to have more than 200,000 sellers, delivering to 5000+ cities and towns in India with 500 plus categories listed on its platform.

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