Snapdeal says not in immediate need to raise money

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New Delhi | Published: March 31, 2015 3:38:09 PM

E-commerce company Snapdeal.com is not looking to raise money immediately and is well capitalised for the next couple of years...

Snapdeal, Snapdeal investment, Snapdeal news, Snapdeal money, Snapdeal raise money, Snapdeal ecommerce, Snapdeal online shopping, SoftBank Corp, SoftBank snapdeal, ecommerce news, online shopping, business newsSnapdeal raised 7 million from Japan?s SoftBank in October last year. (Reuters)

E-commerce company Snapdeal.com is not looking to raise money immediately and is well capitalised for the next couple of years, a top executive said on Tuesday.

The SoftBank Corp backed company trails Flipkart in India’s $12 billion online shopping market, with Amazon.com Inc’s India unit close behind in third place, as measured by gross merchandise volume.

Snapdeal raised $627 million from Japan’s SoftBank in October last year.

Chief Executive Kunal Bahl said Snapdeal had not yet used that money yet. “(We) don’t have to raise money now just because it is fashionable,” he said.

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