General Atlantic nears Snapdeal investment – report
General Atlantic is reportedly closing in an investment in online retailer Snapdeal, which would represent its first foray into Indian e-commerce. The private equity firm will participate in a round of funding worth $80-100 million.
According to The Economic Times, Snapdeal's existing investors, Bessemer Venture Partners, Nexus Venture Partners and Indo-US Venture Partners will also put in more capital.
IndoUS and Nexus were the first investors, committing $12 million 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.
General Atlantic was last year said to be interested in rival online retailer Flipkart but talks stalled due to differences in valuation. Flipkart subsequently raised $150 million from existing investors Accel Partners and Tiger Global Management in its fourth round of funding in February.
Whereas Flipkart is often described as the Indian equivalent of Amazon, buying up inventory and distributing products to customers who place orders online, Snapdeal is more like eBay. It is a platform that connects retailers with consumers, brokering transactions but not directly participating in the flow of goods.
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