eBay leads $50m round in India’s Snapdeal - report
Online e-commerce giant eBay has led a Series C round of funding worth a reported $50 million for New Dehi-based online marketplace Snapdeal.
According to local media, the deal closed four months ago and also featured existing investors IndoUS Venture Partners (now known as Kalaari Capital), Nexus Venture Partners and Bessemer Venture Partners.
Ebay looked at around 40 potential investment targets in India before settling on Snapdeal. The US company wants 12% of its sales to come from BRIC countries by 2015 in a global e-commerce market worth $300 billion.
With this investment, Snapdeal has raised a total of $102 million in funding. IndoUS and Nexus committed $12 million to the company in January 2011, data from AVCJ Research show. A second round came six months later, the two VC firms returning with another $40 million in capital, this time supported by Bessemer.
Snapdeal was established in 2010 as a daily deals site but more recently transitioned to a marketplace model - similar to the one built out by eBay and Amazon - offering a platform for merchants to sell goods.
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