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Grapevine: Snapdeal may raise $100 mn in funding round joined by SoftBank
Photo Credit: Reuters

Online marketplace Snapdeal is in talks to raise close to $100 million (Rs 716 crore at current exchange rate) from new and existing investors, two people briefed on the matter told The Times of India, adding that Japan’s SoftBank, an existing backer, will account for half of the round.

The discussions between Snapdeal and various investors are happening at a valuation ranging from $800 million to $1.2 billion, the people said, asking not to be named.

The company recently received an angel funding from Piramal Group’s executive director Anand Piramal. It got Rs 96 crore from existing backer Nexus Ventures, and Kunal Bahl and Rohit Bansal, co-founders of Snapdeal, in March 2017.

It had raised a round of fresh capital in February 2016, which valued the company at about $6.5 billion.

Separately, Strumfrei Hospitality Pvt. Ltd, a startup that operates hostels for budget-focused travellers, has raised $50,000 (Rs 35.8 lakh at current exchange rate) from high net-worth individuals (HNIs), TechCircle reported.

Investors that participated in the round include Anurag Jhanwar, co-founder of wealth advisory firm Fintrust Advisors; social entrepreneurs Mohini Jhanwar, Anil Jhanwar and Jeet Jhabak; and Aeris Technology group financial controller Ashwin Mantri. The company, which has a presence in Goa, Jaipur and Gokarna, says it plans to expand its hostel services in metros and venture into the co-living and co-working segments.

Strumfrei co-founder and chief executive Pratyush Manikial said the company was focused on addressing the lack of options for millennial and centennial consumers. The company, founded in September 2018 by Manikial, Dipjyoti Brahma, Bhavik Vaghela and Kaushik Baishya, enters into 10-year lease agreements for properties and pays owners a fixed rent.

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